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Insilico Develops The World’s First Fully AI-Generated Drug
The Abu Dhabi-based company hopes to treat idiopathic pulmonary fibrosis, and has 30 more drugs in the pipeline.
In a busy biotech hub in Abu Dhabi’s Masdar City, Insilico Medicine is pushing the frontiers of science. Under the watchful eye of Latvian-born CEO Dr Alex Zhavoronkov, the company has developed an AI-generated drug to treat idiopathic pulmonary fibrosis (IPF) — a deadly disease of the lungs.
“This AI drug is a major milestone for us and the industry as a whole,” Dr. Zhavoronkov explains. “We can use AI to create lifesaving treatments for new diseases using approaches we haven’t yet considered and do so much more rapidly and efficiently”.
Idiopathic pulmonary fibrosis is characterized by scarring of the lungs and has no known cure. Insilico’s AI drug aims to halt or even reverse the progression of IPF and is currently undergoing Phase 2 clinical trials in the US and China. The success of these trials will pave the way for more in-depth testing, bringing the drug closer to mass market approval.
Insilico’s groundbreaking research was recently published in Nature Biotechnology. It highlights how the company’s AI platform, Pharma.AI, is connecting the dots between fibrosis and aging to drive forward the discovery of a cure.
IPF treatment is just the beginning for Insilico. The company already has a roadmap consisting of over thirty AI-designed drugs, with seven already in clinical patient trials. These include treatments for inflammatory bowel disease, immuno-oncology targets, and even drugs developed using a method that targets a protein in cancers that can kill them without harming healthy cells.
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Dr Zhavoronkov’s ultimate goal is to leverage AI to unravel the complex processes involved in aging. “Our number one priority is to teach AI to understand the basic biology of aging, and I think we’ve succeeded in that process. Now, we need to demonstrate that we can utilize this understanding to cure diseases,” he says.
Insilico Medicine’s AI-driven drugs showcase the massive untapped potential of artificial intelligence in all aspects of healthcare. As the company continues to innovate, its work brings hope to patients around the world and demonstrates that the future of medicine is promising, thanks to the application of the latest technological breakthroughs.
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Paymob Extends Series B Funding To $72M Amid Continued Growth
The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.
Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.
The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.
This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.
Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.
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The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.
Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.
Paymob Extends Series B Funding To $72M Amid Continued Growth
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