Biorelate, a technology platform using artificial intelligence (AI) to efficiently curate data in biomedicine, has secured £700,000 in its latest funding round.
Maven Equity Finance has invested £200,000, while existing investors, Catapult Ventures via the Greater Manchester and Cheshire Life Sciences Fund provided £150,000.
The Manchester Tech Trust Angels provided £350,000.
The funding will be used to expand the team, and to develop its product offering, including three new SaaS products.
Founded in 2014, Biorelate uses existing knowledge to help scientists solve difficult biomedical challenges, enabling smarter and faster research and development.
The company’s technology uses AI to curate data and information that’s relevant to biomedical concepts from published literature such as journals, patents and clinical trials.
Historically, data curation in this space has faced challenges, as the primary means of communicating knowledge and scientific developments are through published journal articles.
In this format, data is difficult to curate as information and knowledge is unstructured and expansive.
As a result, as much as 80% of all knowledge published is unused and unavailable in curated databases.
This is a problem for scientists and companies attempting to advance the current state of ‘truths’, as they are effectively not leveraging all of the information available to them.
Biorelate’s technology combines natural language processing and AI with human expert curation to generate highly relevant output from unstructured big data.
Uses of Biorelate’s technology include curation and exploration of unused sources of knowledge of molecular mechanisms for drug discovery, tracking specific biomedical developments, expertise sourcing and competitive intelligence.
The business was founded by Daniel Jamieson while completing his PhD at the University of Manchester after successfully prototyping a highly efficient and accurate method of disease curation.
He said: “We are building a technology platform to extract more value from data in science texts, 80% of which is unused.
“Our initial focus is in working with companies in the very early stages of drug discovery to help them make better use of this data on the path to producing viable new treatments.
“I’m absolutely thrilled to have Maven and the MTTA on board for this journey and to have the amazing Catapult Ventures team commit further.”
The business is experiencing strong demand for its services, including a recent collaboration deal signed with an AIM listed drug-discovery specialist.
Maven Equity Finance has invested £12m in dynamic growth businesses across the Northern Powerhouse region, driving economic prosperity and supporting the creation of over 200 jobs.
Maven works with five Local Enterprise Partnerships (LEPs) and Combined Authorities in the North West to invest between £50,000 and £2 million to support the growth of innovative and ambitious businesses across a wide range of sectors and in a variety of funding scenarios.
Gavin Bell, investment manager at Maven, said: “We’ve been impressed with Biorelate’s ability to generate growing demand from quality customers, in a short space of time.
“We can see the advantages of leveraging Biorelate’s technology, to derive bespoke data-driven insights from the vast array of published biomedical information.
“We are very much looking forward to working with Dan and the team through the next stage of their journey.”
Peter Lusty, CEO at Manchester Tech Trust, said: “We have known Dan for some time and were delighted to provide a substantial proportion of the investment in his latest round. Biorelate appealed to our angels because it has highly innovative technology that solves problems in a complex and mature industry.
“This is the first of, hopefully, many investments for Manchester Tech Trust Angels, a group that we have been nurturing for just over a year.
“We look forward to raising our profile over the coming months as we introduce new tech angels to the group and find similarly exciting companies who can benefit from our members’ investment and expertise.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement