OpenAI-backed start-up Chai Discovery has raised $70mn, valuing the group at about $550mn, as investors bet on the potential for artificial intelligence to speed up drug discovery and tackle disease.
The two-year-old company attracted investment from groups including Menlo Ventures, Yuri Milner’s DST Global Partners and Yosemite — an oncology-focused investment group founded by Reed Jobs, son of Apple founder Steve Jobs.
Existing backers Thrive Capital and OpenAI also participated in the funding round, which values Chai at about $550mn including the new money, according to a person familiar with the deal terms.
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