Total amount raised
$304.1 Millions
Latest funding date
6/1/2022
Location
Owkin has successfully raised over $255 million in funding, achieving a valuation of over $1 billion. The company leverages AI to discover and develop better treatments for unmet medical needs, focusing on cancer.
Keep reading to explore the intricacies of Owkin's fundraising journey and the investors backing this innovative platform.
What Is Owkin?
Owkin, founded in 2016 by Gilles Wainrib and Thomas Clozel, is a French-American startup based in New York. The company leverages artificial intelligence to discover and develop better treatments for unmet medical needs, particularly in cancer.
Owkin employs federated learning to enable medical and biopharma partners to unlock valuable insights from siloed datasets while protecting patient privacy. Their AI-driven approach aims to identify new drug candidates, de-risk and accelerate clinical trials, and build diagnostic tools that improve patient outcomes.
With a team of 251-500 employees, Owkin collaborates with top academic centers to curate and generate deep, multimodal data that is AI-ready, driving advancements in drug discovery and diagnostics.
How Much Funding Has Owkin Raised?
- Seed Round
- Amount Raised: $2.1M
- Date: October 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial research activities.
- Series A
- Amount Raised: $11M
- Date: January 2018
- Lead Investors: Otium Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and develop AI-driven solutions for drug discovery.
- Series A
- Amount Raised: $5M
- Date: May 2018
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI technologies and enhance data capabilities.
- Series A
- Amount Raised: $13M
- Date: March 2019
- Lead Investors: Eight Roads Ventures, F-Prime Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate clinical trials and expand partnerships with academic centers.
- Series A
- Amount Raised: $25M
- Date: May 2020
- Lead Investors: Bpifrance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI-driven drug discovery platforms.
- Series A
- Amount Raised: $18M
- Date: July 2020
- Lead Investors: Bpifrance, Mubadala Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop diagnostic tools and expand the AI research team.
- Series B
- Amount Raised: $180M
- Date: November 2021
- Lead Investors: Sanofi
- Valuation at Round: Over $1 billion
- Motivation Behind the Round: To enhance AI capabilities and expand into new therapeutic areas.
- Series B
- Amount Raised: $50M
- Date: June 2022
- Lead Investors: Bristol-Myers Squibb
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To optimize clinical trials and expand the company's presence in the US and Europe.
Total Amount Raised: $304.1M. Current Valuation: Over $1 billion.
Key Investors
- Bristol-Myers Squibb
- Details: Bristol-Myers Squibb is a global biopharmaceutical company focused on discovering, developing, and delivering innovative medicines for patients with serious diseases. They have a long-standing reputation for their work in oncology and cardiovascular diseases.
- Investment Focus Areas: Pharmaceuticals, Biotechnology, Healthcare
- Notable Investments: Not specified on this page
- Sanofi
- Details: Sanofi is a French multinational pharmaceutical company that focuses on developing therapeutic solutions for patients. They are known for their extensive work in vaccines and rare diseases.
- Investment Focus Areas: Pharmaceuticals, Biotechnology, Healthcare
- Notable Investments: Not specified on this page
- Bpifrance
- Details: Bpifrance is a French public investment bank that supports businesses from seed funding to IPO. They provide financial support and guidance to foster innovation and growth.
- Investment Focus Areas: Technology, Healthcare, Energy
- Notable Investments: Not specified on this page
- Google Ventures
- Details: Google Ventures, also known as GV, is the venture capital investment arm of Alphabet Inc. They invest in startups across various sectors, providing not just capital but also access to Google's resources and expertise.
- Investment Focus Areas: Technology, Healthcare, Consumer Products
- Notable Investments: Not specified on this page
- Eight Roads Ventures
- Details: Eight Roads Ventures is a global venture capital firm backed by Fidelity. They focus on investing in high-growth companies across various sectors, providing both capital and strategic support.
- Investment Focus Areas: Technology, Healthcare, Consumer Products
- Notable Investments: Not specified on this page
What's Next for Owkin?
Owkin's collaboration with Bristol Myers Squibb opens a significant opportunity to apply AI in optimizing clinical trials, particularly in cardiovascular diseases. This partnership, which includes an initial $80 million investment and potential additional payments exceeding $100 million, underscores the growing trend of integrating AI in drug development.
Future fundraising opportunities are promising, with potential further payments from Bristol Myers Squibb contingent on meeting clinical trial milestones. Additionally, Owkin's expansion plans in the US and Europe, coupled with its growing data network, position it well for attracting more investments and strategic partnerships.
However, Owkin faces challenges such as achieving key clinical trial milestones to unlock additional funding and navigating regulatory hurdles. Competition from other AI and biotech companies also poses a significant challenge. Nonetheless, the company's innovative approach and strategic collaborations suggest a bright future ahead.
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