Home / Business and Economy / OpenAI-Backed Chai Reaches $1.3B Valuation for AI Drug Design
OpenAI-Backed Chai Reaches $1.3B Valuation for AI Drug Design
16 Dec
Summary
- Chai secured $130 million in Series B funding, valuing it at $1.3 billion.
- The biotech startup uses AI to accelerate the drug discovery and design process.
- Chai's latest AI model, Chai 2, shows improved success in designing custom antibodies.
Chai Discovery, a biotech innovator backed by OpenAI, has successfully closed a $130 million Series B funding round, propelling its valuation to $1.3 billion. This substantial financial milestone, led by prominent investors General Catalyst and Oak HC/FT, brings the company's total funding to over $225 million since its inception.
The company is leveraging artificial intelligence to revolutionize drug development, aiming to significantly expedite the process. Chai's core mission is to develop a "computer aided design suite" for molecules, enabling faster and more efficient discovery of potential cures. Their latest advancements include the Chai 2 AI model, which reportedly achieves superior success rates in de novo antibody design.
