Frontier IP says investee Exscientia completes US$100mln funding round with BlackRock funds

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Frontier IP Group PLC (LON:FIPP) said its portfolio company Exscientia has completed a Series C funding round raising US$100mln with BlackRock funds.

The specialist in commercialising intellectual property said it now holds a 2.11% equity in the firm.

READ: Frontier IP says valuation of Pulsiv Solar stake has risen following tech company’s fundraising

Exscientia, which is a clinical stage pharmatech using AI to design new drugs, received backing from Novo Holdings, Evotec, Bristol Myers Squibb and GT Healthcare Capital.

This new capital will be used to support its platform development towards autonomous drug design.

In addition, it will extend its proprietary pipeline into clinical trials and expand existing capabilities in biological analytics that support target selection and portfolio development.

“Exscientia is breaking ground in small molecule drug design, with a platform that radically improves drug discovery” says William Abecassis, Head of BlackRock’s Innovation Capital who will join Exscientia’s Board of Directors as an observer.

“We are thrilled to be investing in this world-class team, who are already delivering results with AI-designed drugs now entering clinical trials.”

Based on its overall trading for the year to date and the outlook for the remainder of the financial year, Frontier IP said it remains confident on the prospects for the year ending on June 30.

Shares rose 1% to 62.98p on Thursday morning.

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