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Investing.com -- Isomorphic Labs, a company owned by Alphabet (NASDAQ:GOOGL) Inc. that uses artificial intelligence (AI) to discover drugs, has secured $600 million in a funding round. This marks the first time the company has received external funding.
Thrive Capital led the funding round, with Alphabet and its venture arm, GV, also participating. The details of the company’s valuation were not disclosed in the announcement made by Isomorphic Labs on Monday. Thrive Capital has previously invested in OpenAI, a company that competes with Alphabet’s Google in researching AI and marketing user-facing products such as chatbots.
Isomorphic Labs was established by Alphabet in 2021, as a spin-off from DeepMind, an AI startup that Alphabet acquired in 2014. Demis Hassabis, the leader of DeepMind and the individual in charge of Google’s AI efforts, also serves as the Chief Executive Officer of Isomorphic Labs. In the previous year, Isomorphic Labs announced partnerships with pharmaceutical companies Novartis AG (SIX:NOVN) and Eli Lilly & Co (NYSE:LLY).
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