Biosimulytics was nominated for this year’s EIT Innovation Team Award for its AI-based software that aims to boost the speed and success of drug development.
University College Dublin (UCD) spin-out Biosimulytics is among nine companies across Europe to be selected for the final of a prestigious European competition.
The European Institute of Innovation and Technology (EIT) Awards recognise the most promising entrepreneurs and innovators across Europe, with nominees selected for specific categories.
Biosimulytics was nominated for this year’s EIT Innovation Team Award, which recognises the innovation teams that develop unique products, services or processes with “high added value and breakthrough potential in their respective fields”.
The Irish start-up is based in NovaUCD and is developing AI-based software to improve the speed, scale, novelty, and success rate of drug development.
The company claims its technology combines quantum physics, computational chemistry, machine learning and high-performance computing (HPC) to “accurately and rapidly predict” parts of new drug compounds, getting from molecules to medicine faster and with a greater probability of success.
BioSimulytics was founded in 2019 by Prof Niall English, Dr Christian Burnham and Peter Doyle out of work done in the UCD School of Chemical and Bioprocess Engineering. In 2019 BioSimulytics was named as the winner of the UCD VentureLaunch accelerator programme.
Two years later, the start-up closed a seed funding round worth €595,000 to expand its team and grow its client base across the EU and US. The start-up entered an exclusive HPC cloud partnership with France-based CGG last year to accelerate the market adoption of its AI technology.
BioSimulytics is competing against two other European companies for the EIT Innovation Team Award. These are Altris AB – a Swedish company developing sodium-ion batteries for light EVs and energy storage systems – and HIQ-CARB, a German company which produces sustainable and resource efficient nanomaterials for high performance batteries.
The winners of the 2024 EIT Awards will be announced on 20 February at an event in Brussels.
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