University Spinout AdSilico Raises £3.5M for In-Silico Trials
AdSilico, a spinout from the University of Leeds, has secured £3.5 million ($4.4 million) in seed funding to drive the development of its innovative in-silico trial solution. This groundbreaking investment underscores the growing importance of artificial intelligence (AI) and simulation technologies in advancing medical research and accelerating the development of new medical devices and drugs.
Northern Gritstone, an investment firm with backing from the Universities of Manchester, Leeds, and Sheffield, spearheaded the funding round, injecting £2 million to fuel AdSilico's ambitious initiatives. Additionally, UK-based investment management firm Parkwalk Advisors invested £1.5 million, further signaling confidence in the company's vision and potential for transformative impact.
In-silico trials, also known as simulated trials, leverage AI-assisted modeling and simulations to create synthetic populations for testing the efficacy and safety of medical devices and drugs. AdSilico's pioneering in-silico trial solution aims to generate scientific evidence about the performance and safety of medical devices, enabling researchers to make informed decisions prior to conducting human clinical trials.
Collaborative research backs innovative healthcare technology. Supported by the Royal Academy of Engineering and the University of Leeds. AdSilico's founder, Professor Alex Frangi, anticipates that the company's solution will revolutionize the research and development landscape by providing a scalable platform for generating clinical data to support the approval of medical devices.
The adoption of AI, modeling, and simulation technologies in healthcare has witnessed exponential growth in recent years, with projections indicating that global revenue for AI platforms across healthcare could reach an estimated $18.8 billion by 2027, according to GlobalData. AdSilico's strategic focus on harnessing these technologies to enhance medical research underscores its commitment to driving innovation and advancing patient care.
As AdSilico progresses in its mission to reshape the future of medical research, stakeholders within the healthcare industry eagerly anticipate the potential impact of its in-silico trial solution on streamlining regulatory processes, reducing costs, and ultimately improving patient outcomes. With the support of its investors and collaborators, AdSilico is poised to lead the way in pioneering AI-driven advancements in healthcare research and development.
