By 2030, research analysis company GlobalData forecast that the global artificial intelligence (AI) market will be worth more than $900bn. Credit: Huen Structure Bio/shutterstock.

Biotech AI start-up Cradle has raised $24m (€21.92m) in its Series A funding round and secured partnerships with industry leaders in pharmaceuticals and chemicals. 

The investment was led by private equity company Index Ventures and included angel investors such as former Thomson Reuters CEO Tom Glocer and Recursion Pharmaceuticals CEO Chris Gibson. 

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Cradle leverages generative AI to help scientists engineer and design proteins. Using generative AI this way makes it easier and faster than ever to create bio-based solutions for human and planetary health. 

Biopharma companies typically spend 42 months and $22m on research and development trying to achieve a single product ready for clinical trials.  

Cradle’s web-based software has been trained on billions of protein samples and is usable for scientists without the need for a machine learning engineer. 

Its total funding, including today’s (28 November) announcement, has now reached $33m. 

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Cradle’s CEO and co-founder Stef van Grieken stated that the company was thrilled with its funding so far. 

“Biological products are one of the biggest tools we can deploy to improve health outcomes and reduce the environmental impact of human consumption,” van Grieken stated, “By using generative AI and machine learning to help biologists design and optimise proteins faster and more efficiently, we can help research and development teams innovate faster, spend less and ultimately be more successful in developing new products.” 

Cradle is currently made up of 20 people split between the Netherlands and Switzerland, but it stated it plans to expand its team in 2024. Additional lab and engineering space is due to be built in Amsterdam next year, with the aim to store more training data for Cradle’s AI. 

By 2030, research analysis company GlobalData forecast that the global AI market will be worth more than $900bn.