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 a 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 uses artificial intelligence systems to connect the analysis of biology, chemistry, and clinical trials, and helps in discovering and developing drugs for diseases.
Demand for digital health care services is continuing to grow, with venture capital companies tapping into this by boosting their investments in start-ups, especially those that provide diagnostics, testing and other support services. 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.