Cradle raises 73 million dollars

Cradle Bio has received 73 million dollars from investors in a Series B financing round. According to a press release, it was led by venture capitalist IVP, based in Menlo Park, California. The existing investors Index Ventures and Kindred Capital have participated. With the new financing, Cradle has raised a total of more than 100 million dollars. The biotech company has a Swiss headquarters in Kilchberg and another in Amsterdam.

Companies such as Novo Nordisk, Johnson & Johnson Innovative Medicine, Novonesis and Grifols are already using Cradle's generative artificial intelligence platform for the research and development of therapeutics, diagnostics, food, chemical and agricultural products, according to the press release. It could accelerate the discovery and development of protein-based products in commercially relevant projects by up to twelve times. This is clear from the results to date.

The Series B funding will be used in part to expand Cradle's own laboratory to generate additional data sets to train Cradle's models for a growing number of challenges and modalities, it added. Cradle will continue to expand its engineering team to improve Cradle's machine learning (ML) capabilities.

"Our goal is to put Cradle's software in the hands of a million scientists and empower them to build great products. Our Series B will enable this next phase of growth and we are delighted to have the support of IVP to help us scale," said Stef van Grieken, CEO and co-founder of Cradle. ce/gba