EvolutionaryScale is backed by AWS and Nvidia | Credit: Getty Images / metamorworks

US AI startup EvolutionaryScale has raised $142m in seed funding to develop AI that can generate novel proteins for use in scientific research, drug discovery and medical therapies.

The funding, announced on Tuesday (25 June), will allow the AI startup to develop a stronger partnership with the biotech industry, the company’s co-founder and chief scientist Alexander Rives said.

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Founded in 2023, EvolutionaryScale is backed by leading companies such as Amazon and Nvidia.

The AI startup is also collaborating with Amazon Web Services (AWS) and NVIDIA to accelerate applications from drug discovery to synthetic biology with AI.

EvolutionaryScale recently unveiled its newest product, ESM3, a GenAI model that allows for the creation of novel proteins.

ESM3 will be able to create novel proteins that would have otherwise taken 500 million years to evolve naturally.

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EvolutionaryScale has taken “a step toward a future” where AI is woven into the world of biology, Rives said.

The new AI model can be used by businesses for a wide range of purposes, varying from the development of cancer treatments to carbon capture.

GlobalData forecasts that the global market for AI in the medical devices industry is set to grow at a compound annual growth rate (CAGR) of 29.1% from $336m in 2023 to $1.2bn in 2027.