Converge Bio Secures $25M to Revolutionize Drug Discovery with AI
In a significant advancement for the pharmaceutical industry, Converge Bio, a startup specializing in artificial intelligence (AI) applications for drug discovery, has successfully raised $25 million in an oversubscribed Series A funding round. This round was led by Bessemer Venture Partners, with additional participation from TLV Partners and Vintage Investment Partners. Notably, the funding also saw contributions from executives at leading tech companies, including Meta, OpenAI, and Wiz.
Operating out of Boston and Tel Aviv, Converge Bio is at the forefront of integrating generative AI models into the drug development process. By training these models on extensive molecular datasets encompassing DNA, RNA, and protein sequences, the company aims to expedite the traditionally lengthy and costly journey of bringing new drugs to market.
Dov Gertz, CEO and co-founder of Converge Bio, elaborated on the company’s mission:
The drug-development lifecycle has defined stages—from target identification and discovery to manufacturing, clinical trials, and beyond—and within each, there are experiments we can support. Our platform continues to expand across these stages, helping bring new drugs to market faster.
To date, Converge Bio has introduced three specialized AI systems designed to enhance various facets of drug development:
1. Antibody Design System: This system comprises three integrated components. Initially, a generative model creates novel antibodies. Subsequently, predictive models assess these antibodies based on their molecular properties. Finally, a docking system employs physics-based modeling to simulate the three-dimensional interactions between the antibody and its target.
2. Protein Yield Optimization System: Aimed at improving the efficiency of protein production, this system utilizes AI to optimize conditions and processes, thereby increasing yield and reducing costs.
3. Biomarker and Target Discovery System: This tool leverages AI to identify potential biomarkers and therapeutic targets, facilitating the development of more effective and personalized treatments.
Gertz emphasized the holistic value of these systems:
Take our antibody design system as an example. It’s not just a single model. It’s made up of three integrated components. First, a generative model creates novel antibodies. Next, predictive models filter those antibodies based on their molecular properties. Finally, a docking system, which uses physics-based model, simulates the three-dimensional interactions between the antibody and its target. The value lies in the system as a whole, not any single model. Our customers don’t have to piece models together themselves. They get ready-to-use systems that plug directly into their workflows.
This recent funding round follows a $5.5 million seed investment secured by Converge Bio in 2024, underscoring the growing confidence in the company’s innovative approach to drug discovery.
The integration of AI into drug development is becoming increasingly prevalent as pharmaceutical and biotech companies seek to reduce research and development timelines and enhance success rates amidst escalating costs. Converge Bio’s advancements represent a significant stride in this direction, offering ready-to-use AI systems that seamlessly integrate into existing workflows, thereby accelerating the development of new therapeutics.
