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Cradle builds out its protein-design AI platform (and wet lab) with $73M in new funding | TechCrunch

Nov 26, 2024 - techcrunch.com
Cradle, a biotech company that uses AI to accelerate protein design, has raised $73 million to expand its labs and team. The company, which emerged in 2022, uses language models to expedite the testing of large biomolecules like proteins, by identifying and recommending sequences that influence desirable qualities. After a $24 million A round in 2023, Cradle has been serving customers in the biotech and pharma sectors, offering cost savings and acceleration by reducing the number of experimental runs needed to optimize a molecule.

The company operates a simple SaaS business model, providing a software service without the need for clients to worry about royalties, revenue share, or IP issues. Despite being a software provider, Cradle maintains a laboratory in Amsterdam for testing and developing 'Foundational Datasets' to train their models. The recent funding round, led by IVP, with participation from Index Ventures and Kindred Capital, will be used to expand the lab and increase hiring. The company's goal is to put its software in the hands of a million scientists.

Key takeaways:

  • Cradle, a company focused on protein design using AI, has raised $73 million to expand its labs and team.
  • The company uses AI to accelerate testing of large biomolecules like proteins, finding and recommending sequences that affect desirable qualities.
  • After a $24 million A round in 2023, Cradle has been serving customers in the biotech and pharma spaces, offering acceleration and cost savings by reducing the number of experimental runs needed.
  • The $73 million funding round was led by IVP, with participation from Index Ventures and Kindred Capital, and will be used to expand the company's wet lab and increase hiring.
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