University of Toronto spinout Deep Genomics raises US$180-million from Softbank, CPP, Fidelity to develop drugs discovered by AI

Ontario Industry Updates
Written By Doriane Rey
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The Canada Pension Plan Investment Board is backing one of the largest financings by aCanadian artificial intelligence company, its second investment in the country’s biotechnologyspace.

Deep Genomics, led by University of Toronto biomedical engineering professor Brendan Frey,said on Tuesday it had raised US$180-million led by Softbank’s Vision Fund 2 to bankroll itsefforts to discover and develop drugs using AI. In addition to CPPIB, Fidelity Management andResearch Co. LLC, plus past Deep Genomics investors True Ventures, Amplitude Ventures, Khosla Ventures and Magnetic Ventures backed thedeal.

Doriane Rey
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