£1.5bn drug development start-up has loss of £35m
A DRUG development firm that ranks among Britain’s most highly valued start-ups made a £35 million loss last year.
BenevolentAI – valued at £1.5 billion and run by former Minister and ex-Facebook executive Baroness Shields – has developed artificial intelligence technology that helps researchers to identify potential cures for conditions such as motor neurone disease and Parkinson’s.
The company, founded by entrepreneur Ken Mulvany in 2013, earlier this year raised £90 million from heavyweight investors including fund manager Neil Woodford and hedge fund Lansdowne Partners. This funding round valued the company at £1.5 billion, making it one of the biggest start-ups in the country.
Last week, the firm, which has around 165 staff and is based in London with a research facility in Cambridge, revealed Goldman Sachs had invested in the company.
In accounts filed at Companies House, BenevolentAI said investment in the drugs it is developing, its artificial intelligence technology and recruitment had caused losses to rise from £14.1 million in 2016 to £34.8 million last year – with revenues flat at £2.6 million.
US-born Joanna Shields, 56, who was head of Facebook in Europe and UK Minister for Internet Security, joined the firm as chief executive in April. As part of the move, Mulvany, 50, became chairman.