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This holding is understood to be Benevolent AI.Benevolent AI, which uses artificial intelligence to discover and develop new medicines, raised $115m in a funding round in April and has unveiled a partnership with British pharmaceutical giant Astrazeneca.While the fresh funding will come as a boost for Benevolent AI, the tech startup will be looking to restore value and turn around its fortunes after posting a hefty pre-tax loss of £33m last year.Benevolent AI, Woodford Investment Management and Temasek declined to comment.
In your inbox every weekday at 12pm sharp. Get The Email from WIRED, your no-nonsense briefing on all the biggest stories in technology, business and science. Having bought in pharmaceutical capabilities at the beginning of 2018, the firm no longer uses machine learning just to identify new ways of treating diseases, but to find ways to develop its own drugs too. London-based tech firm Benevolent AI would be reportedly raising funds at a rate way below their $2bn valuation, an investigation by the Sunday Times revealed. You can Benevolent AI saw half its value wiped away in one fell swoop last year, when the fund of major backer Neil Woodford collapsed. “It’s frustrating, but I don’t want to blame the situation [for the fall in valuation],” she says. Here’s what it did nextWhen London tech startup BenevolentAI secured a $90 million (£68 million) cash injection from Singaporean sovereign fund Temasek in September 2019, the deal valued the business at $1 billion. “It is what it is.”Shields feels that how much the Woodford situation actually contributed to BenevolentAI’s revaluation – and indeed how much Woodford’s backing may have inflated its value in the first place – is moot, given that the business has been going through a process of reinvention since she was appointed to its board in May last year.“When I arrived, we’d just closed our funding round at $2 billion and we were much more of a traditional drug-discovery company at that stage,” she says. “We looked at the tech and decided to shift strategy. Sorry, you have entered an invalid email. The AI firm was previously valued at $2bn, and will only narrowly retain its unicorn status.The revised valuation, first reported by the Sunday Times, will be a further blow for Woodford, who has lost at least £43.5m selling off stocks from his suspended Equity Income Fund.Benevolent AI makes up roughly 4.5 per cent of the Equity Income Fund and just under 10 per cent of Woodford’s Patient Capital Trust, according to data from Hargreaves Lansdown.Last week the Patient Capital Trust warned investors it had written down the value of one of its holdings, denting the net asset value by 4p a share. Welcome to WIRED UK. You will hear from us shortly. It is understood Temasek will take a minority stake in Benevolent AI, giving it a valuation of $1bn (£800m).
London-based tech firm Benevolent AI is said to be raising money at a level well below its $2bn (£1.6bn) valuation, the Sunday Times reported. “We have a tendency to simplify things and put them into charts, but what I’ve learned is that organisations are much more organic and fluid; you have to build them around the people in them.”That means listening to people and giving them the tools – tech driven or otherwise – they need to succeed.“People in tech tend to be very analytical and driven by structure, but [growing a business] is an art, not a science,” Shields adds.
Though it has formed partnerships with pharma giants AstraZeneca and Novartis, creating medicines in its own right is what will drive revenue.In late January, researchers turned their attention to coronavirus and used technology that can scour literature related to the virus to pinpoint a possible treatment for the virus.
You have successfully subscribed to our newsletter. Having been the largest unquoted company in the portfolio and the largest holding in Woodford’s Patient Capital Trust, BenevolentAI’s value was impacted by the fire sale.Not that BenevolentAI chief executive Joanna Shields is bitter.
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