Insilico Medicine, a Hong Kong-based health technology company, has received $95 million in a funding round led by Saudi Aramco-backed Prosperity7, as it prepares to scale up operations in the Middle East with new research and development base in the UAE.
The new capital will be used to support the company’s pipeline of projects, including further development of its online platform, the establishment of a fully automated drug discovery laboratory and biological data factory, as well as the setting up of regional centers, Insilico said. Insilico uses artificial intelligence systems to connect the analysis of biology, chemistry, and clinical trials and helps in discovering and developing drugs for diseases.
The global digital health market was valued at $175.6 billion in 2021 and is expected to grow at a compound annual rate of about 28 percent through 2030, according to Grand View Research. Insilico’s office in the UAE, which was opened recently, is projected to develop “rapidly” and will have 40 to 50 AI engineers within one year, said Alex Aliper, president of the office. “At this site, Insilico will be developing state-of-art AI software products, discovering new medicines to address unmet medical needs, collaborating with local players in the AI and healthcare industry, and promoting the region,” he said. The company will also share its expertise, establish internship programs and collaborate with local universities, Mr. Aliper said.
Aramco, the world’s biggest oil company, officially launched the $1bn Prosperity7 fund in February, although it had already been in operation for a year at the time. “We invest globally with a long-term view to support the development of next-generation technologies and innovations that are solving big problems,” Aysar Tayeb, executive managing director of Prosperity7, stated.
