SoftBank Ventures, an early stage venture capital arm of SoftBank Group, and Andreessen Horowitz Bio Fund have led the way in granting drug discovery company twoXAR an infusion of $10 million in Series A funding. SoftBank and Andreesen Horowitz’s significant financial endorsements have also facilitated a longer-term relationship between the three parties, as JP Lee, Managing Director at SoftBank Ventures, and Vijay Pande, PhD, General Partner at Andreessen Horowitz will now sit on twoXAR’s Board of Directors.
Founded by Andrew A. Radin and Andrew M. Radin (no relation), twoXAR relies upon its proprietary, AI-driven platform to identify ideal living candidates for drugs and trial rounds aimed at treating common yet hard-to-treat ailments including but not limited to liver cancer, rheumatoid arthritis, and type 2 diabetes. Results have shown that using intelligent software, the time which it takes to find patients drugs that will meet their needs has been drastically reduced.
The application of AI in drug discovery has shifted from speculative to practical and will be a major driver of drug development efficiencies in the biopharmaceutical industry, said Andrew A. Radin, co-founder and Chief Executive Officer of twoXAR. We are pleased to be aligned with SoftBank Ventures, Andreessen Horowitz, and OS Fund, who are leaders in investing in applications of AI in biology and bring operational and business development expertise to twoXAR as we continue to build our pipeline of drug programs.
twoXAR’s computational platform, and others like it, aim to drastically improve upon the cumbersome, inefficient processes by which drugs have been traditionally approved by the Food and Drug Administration. It’s estimated that traditional methods of drug discovery can take 10-15 years to yield results, while AI-based models have proven faster and more efficient, in turn increasing the odds that a given patient will live a healthier, longer life because of these superior methods of drug discovery and approval.
According to Andrew A. Radin, the funds will go toward proceeding with preclinical trials, and establishing further partnerships and spinouts. The testing of preclinical candidates will allow twoXAR to confirm whether its software-based predictive data is accurate, which will provide a greater dataset by which to perfect their methods.