MIMS Raises $5M for Expansion into new Markets
Montreal’s My Intelligent Machines (aka MIMS) has raised a second seed round of financing in the amount of $5 million. According to Crunchbase, this is the company’s first raise since the fall of 2019 when it raised $2.6 million. This round was led by MEDTEQ+ and StandUp Ventures, with participation from Desjardins Capital, Anges Québec, Anges Québec Capital and Real Ventures.
The company develops artificial intelligence and systems biology applied to life sciences. It enables the modelling of biological systems for population stratification, as well as target and biomarker discovery to help users develop more efficient personalized medicine and agriculture.
The funds raised will support the company’s expansion into Canadian, European and U.S. markets, as well to expand its talent pool to better deliver key projects to clients including big pharma and hospitals.
“Our suite represents a real paradigm shift in how discovery and pre-clinical studies are conducted, and it could save up to $500 million in the development of a given drug, considering a lower drug development failure rate, faster market approval and fewer and less exhaustive clinical trials. In this context, we are privileged to count on a solid base of committed investors who acknowledge the potential of our technology and the relevance of our business model with their involvement in our capital expansion,” said Sarah Jenna, Ph.D., co-founder and CEO of My Intelligent Machines.
Proceeds of this round will allow MIMs to triple in size and to fulfill contracts worth tens of million dollars over a 24-month period. With capabilities steadily ramping up, MIMs will be in a favourable position to scale up its operations and focus on high-value opportunities in oncology, immunology and COVID-19, in North America and Europe.
“MIMs team is currently firing on all cylinders, being especially well-positioned to serve a wide market with a product that addresses a huge unmet need. Now that their anchor and internationally-respected customer’s product has been delivered, we already witness a growing appetite from many players in Pharma for MIMs’ AI-based solution,” said Robert Ritlop, Director of Investments at MEDTEQ+.