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By Dana Wollman
Isomorphic Labs, the Alphabet Inc.-owned company that uses artificial intelligence to discover drugs, has raised $600 million, the first time it’s taken in external funding.
The round was led by Thrive Capital, with participation from Alphabet and its venture arm, GV, Isomorphic Labs said in a statement Monday. The company’s valuation was not disclosed. Thrive has also invested in OpenAI, a rival to Alphabet’s Google in researching artificial intelligence and bringing to market user-facing products such as chatbots.
Alphabet created Isomorphic Labs in 2021, spinning it out from DeepMind, the AI startup it acquired in 2014. DeepMind’s leader, Demis Hassabis, who runs Google’s AI efforts, is also the chief executive officer of Isomorphic Labs. Last year, the company announced partnerships with Novartis AG and Eli Lilly & Co.
The AI drug discovery company is just the latest Alphabet-owned business to accept outside capital in recent months. Waymo, Alphabet’s autonomous driving unit, closed a $5.6 billion round last October, valuing it at more than $45 billion.
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