AI Platform iLoF Gets €4M To Accelerate The Future of Personalized Drug Discovery
UK-based AI platform iLoF collects funding of €4M to improve personalized drug discovery.
Via advanced AI and photonics, iLoF gathers massive amounts of data to build a digital library of biomarkers and biological profiles. This digital health company has now gathered $4.1M in a seed funding round led by Fab with inclusion of US-based M12 Microsoft’s venture fund, Quiet Capital, Lunar Ventures, Alter Ventures Partners, re.Mind Capital and Fluxnit, and angel investors Charlie Songhurst. The company also secured a $900,000 grant from ERDF.
Keeping this in view many healthcare startups with AI inculcated are appearing on the landscape. Therefore, investors are also steering their investment to capture the market. Such as recently a startup named IESO raised $53 million and Endimension gathered $300,000 in seed funding.
Now, iLof founded in 2019 by CEO Luis Valente ,COO Mehak Mumtaz and CSO Paula Sampaio is here with an aim to accelerate the future of personalized drug discovery and development. iLoF collects large amounts of data to create a digital library of biological profiles. Subsequently, enabling the company to make clinical trials faster, cheaper and patient- centric.
Other than this, the platform accumulates a wide range of optical signals, constructing rich signatures of the ensemble of particles on biological samples, that are then converted into bio-digital twins. These bio-digital twins overcome the traditional limits of biochemical analysis in which they can be re-analyzed- a potentially infinite number of times.
The team currently consists of 20 international scientists, inventors and entrepreneurs.
Mehak Mumtaz, Co-Founder and COO of iLoF:
“Our ultimate vision is to go from a next-generation bioinformatics platform to a breakthrough disease screening one. Moving from supporting researchers and scientists to directly helping patients around the world will vastly deepen our understanding of diseases and help physicians detect the world’s more severe and impactful diseases, such as Ovarian Cancer or Alzheimer’s Disease.”
Before the end of this year, iLoF will also be hiring 20 people internationally for data science, biology and product management profiles. Also, now with this fresh injection of funds the startup now wants to scale up its operations.
This funding will help the startup accelerate the ongoing engagements with global corporations in the pharmaceutical, and biotech.