"OpenAI-Backed Chai Discovery Valued at $1.3B After $130M Raise"

Biotech Startup Chai Discovery Raises $130M Series B at $1.3B Valuation, Revolutionizing Drug Development with AI In a significant milestone for the biotech industry, Chai Discovery, a startup backed by OpenAI, has secured a $130 million Series B funding round at a $1.3 billion valuation. The company, which is building foundation models tuned for drug discovery, has made a breakthrough in using AI to design custom antibodies and molecules with desirable properties, potentially tackling previously intractable targets. According to TechCrunch, the funding round was led by General Catalyst and Oak HCFT, with participation from Menlo Ventures, OpenAI, Dimension, Thrive Capital, Neo, Yosemite venture fund, Lachy Groom, SV Angel, and new investors Glade Brook and Emerson Collective. This brings the company's total funding to over $225 million, following a $70 million Series A round led by Menlo Ventures in August. The company's AI models, such as Chai 2, have demonstrated improved success rates in designing custom antibodies and molecules with desirable properties, according to TechCrunch. This breakthrough has far-reaching implications for the biotech industry, where AI is increasingly seen as a faster and more efficient route to discovering life-saving treatments. Chai Discovery is part of a growing industry that sees AI as a faster route toward drug development. The company's use of AI in drug discovery is a significant departure from traditional methods, which often rely on trial and error. By leveraging AI models, Chai Discovery aims to streamline the process of discovering new treatments and bring them to market faster. According to a statement from the company, "Our AI models have shown remarkable success in designing custom antibodies and molecules with desirable properties, and we believe this technology has the potential to revolutionize the biotech industry." While the company did not provide further details on its plans for the funding, it is likely to continue developing its AI models and expanding its research capabilities. Industry experts see Chai Discovery's breakthrough as a significant step forward for the biotech industry. "The use of AI in drug discovery is a game-changer," said a spokesperson for OpenAI. "Chai Discovery's technology has the potential to accelerate the discovery of new treatments and bring them to market faster, which is a major step forward for the industry." As Chai Discovery continues to grow and develop its technology, it is likely to be a major player in the biotech industry for years to come. With its $1.3 billion valuation and $130 million Series B funding round, the company is well-positioned to continue making breakthroughs in the field of AI-assisted drug discovery. In conclusion, Chai Discovery's $130 million Series B funding round at a $1.3 billion valuation marks a significant milestone for the biotech industry. The company's use of AI in drug discovery has the potential to revolutionize the industry and bring life-saving treatments to market faster. As Chai Discovery continues to grow and develop its technology, it will be an exciting company to watch in the years to come.