Big names funding Causaly
Yiannis Kiachopoulos and Artur Saudabayev’s Greek startup Causaly has raised $60 million. The main investor is ICONIQ Growth, which manages funds from the wealth of billionaires in the technology sector, including Facebook founder Mark Zuckerberg and Yahoo co-founder Jerry Yang.
Other investors in ICONIQ Growth are US private equity firm KKR’s Co-Executive Chairman Henry Kravis, as well as big names in the industry, such as General Motors CEO Mary Barra.
In addition to ICONIQ Growth, existing investors such as Index Ventures, the European Bank for Reconstruction and Development (EBRD), Greek seed-stage fund Marathon Venture Capital, and venture capital investor Pentech Ventures also participated in the financing round.
At the same time, Kathimerini understands that Causaly’s technology is also supported by big names from the global pharmaceutical industry. The investment was carried out through an increase in share capital and concerns perhaps the largest round of Series B financing ever implemented by a Greek-owned startup.
The company, with this particular investment, has raised a total of approximately $86 million.
Causaly has developed an artificial intelligence platform that is used by pharmaceutical companies as well as research organizations during the research and development stage, with the aim of accelerating the discovery of innovative treatments.
A lot of scientific literature contains information that is necessary for the development of a drug or for correct decision-making in the context of a treatment. However, both the analysis and the correlation of the information included in these publications for the discovery of knowledge constitute a time-consuming process for researchers.
Causaly’s technology, which gradually integrates cutting-edge technologies such as generative AI, can understand, read and visualize information in a huge amount of medical scientific publications, corporate data and more within minutes, facilitating and speeding up the work of researchers, especially in discovering new treatments. The Greek company’s technology is used by 12 of the 20 largest pharmaceutical companies.
