LONDON and BUDAPEST, Hungary, Jan. 7, 2021
- Turbine delivering AI-powered oncology pipeline for PARP resistance and other unmet needs
- Turbine backed by leading science and tech investors Accel, XTX Ventures, Boston Millenia Partners, Delin Ventures, Atlantic Labs and o2h Ventures
LONDON and BUDAPEST, Hungary, Jan. 7, 2021 /PRNewswire/ -- Turbine, a company simulating cellular decision making to unlock novel oncology therapies, today announces the successful closing of its pre-Series A round by raising EUR 5.7 million (USD 6.85m). The transatlantic round was led by new investor Accel and included XTX Ventures and Boston Millenia Partners who joined the existing syndicate comprising Delin Ventures, Atlantic Labs and o2h Ventures.
Most wet-lab experiments offer limited insight into the complex underlying biology of the disease. As a result, existing preclinical models in oncology often fail to translate into successful drugs in the clinic. To improve these outcomes, Turbine has created the Simulated Cell™ comprising an advanced digital model of human cell behaviour and cloud-based simulated experiments. The Simulated Cell™ can rapidly run unlimited number of experiments in comparison to wet-lab methods.
The platform – guided by AI algorithms – offers significant benefits over industry gold standard screening methods, such as CRISPR, by providing granular insight into the molecular mechanism of target-disease interactions. Supported by an enhanced biological understanding of the target intervention and the subset of cancer patients most likely to respond, Turbine's simulation-based approach increases the likelihood of clinical success.
The team aims to tackle the highest unmet need in oncology diseases, following the launch of a PARP resistance-focused pipeline in 2019. PARP inhibition is the most established area for ground-breaking cancer therapies in DNA Damage Response (DDR). However, it poses challenges for drug development as around 40% of patients do not respond to PARP inhibitors, and the majority of those who do, acquire resistance after two years1. Turbine has uncovered three novel target candidates against multiple PARP resistance mechanisms with its lead asset in hit validation phase.
Szabolcs Nagy, CEO of Turbine said: "We are very excited to have attracted investors of this calibre to Turbine. The proceeds from the current financing will be used to tackle additional areas of high unmet need in oncology with novel simulation-first targets and progressing the PARP resistance portfolio towards later stages of development."
Radhika Ananth, Vice President of Accel said: "We have been evaluating technology-enabled drug discovery companies with high potential to bring life-changing medicines to patients. Turbine stood out for the quality and level of biological insight its platform could unlock. The team's genuine understanding of cell simulation technology coupled with translational medicine expertise provide a powerful combination to revolutionise the failure-prone drug discovery process."
Ekaterina Holt, Head of XTX Ventures, commented: "We have been very impressed with the technology developed by Turbine to date and are confident in their ability to algorithmically improve and further automate drug discovery. We are committed to supporting them as they drive the company forward in 2021."
Alan Barge, Venture Partner of Delin Ventures and Scientific Advisory Board Member of Turbine said: "The team have made spectacular progress in a year to prove their approach can address the problem of linking biological targets to disease and design preclinical programs that can translate successfully into the clinic. We believe Turbine can fundamentally change the way in which novel targets in precision oncology are identified."
Turbine is a private European biotechnology company developing a simulation-based, scalable drug discovery platform. The Simulated Cell™ unlocks novel therapies for high unmet oncology needs which the team aims to take through to clinical proof-of-concept and beyond. The technology has been validated in numerous collaborations with pharmaceutical companies, including Bayer. Since being founded in 2015 by bioengineer Kristof Szalay, cancer researcher Daniel Veres, and deep tech entrepreneur Szabolcs Nagy, Turbine has raised EUR 9 million through Seed and pre-Series A rounds from international investors in the USA and Europe including Accel, XTX Ventures, Boston Millenia Partners, Delin Ventures, Atlantic Labs and o2h Ventures. In 2019, the company was selected for EITH's highly competitive mentoring program, Gold Track. For more information please visit: https://turbine.ai/
Accel is a global venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Acko, Atlassian, Blackbuck, BookMyshow, Bounce, Braintree, BrowserStack, CrowdStrike, CureFit, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Kayak, Lynda.com, Qualtrics, Rovio, Slack, Spotify, Supercell, Swiggy, Tenable, UiPath, UrbanClap and Venmo are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn't have a stereotype. For more, visit http://www.accel.com or www.twitter.com/accel_india
About XTX Ventures
XTX Ventures is the venture capital arm of XTX Markets. XTX Ventures leverages XTX Markets' deep expertise in machine learning and financial technology to invest in companies where the core technical expertise of XTX Markets can be used to help grow and enhance those businesses. For more information please visit: https://www.xtxmarkets.com/ventures/
About Delin Ventures
Delin Ventures is a leading London based private technology and life sciences focused investment firm founded by the serial entrepreneur, Igor Linshits. Delin invests in early stage U.K. technology and life science businesses. Delin's current portfolio includes Cazoo, Vidsy, Ori Biotech, Agile Analog, Fluidic Analytics, and Turbine. Delin has also invested in funds managed by Local Globe, IQ Capital, Entrepreneur First, and Stride.vc. Delin Ventures is part of the Delin Group which also includes Delin Property, a leading investor and developer of logistics real estate. For more information please visit: https://www.delinventures.com/