AI-powered drug development startup Formation Bio raises $372M

June 26, 2024: Formation Bio Nets $372M for AI Drug Development - Formation Bio Inc., leveraging artificial intelligence to expedite drug development, has secured a staggering $372 million in Series D funding. Led by Andreessen Horowitz and backed by Sanofi SA among others, this funding round marks a significant valuation increase from its last $1 billion mark in 2021. The New York-based startup aims to streamline the drug development process, from initial candidate molecule to market, utilizing AI to enhance efficiency, particularly in patient recruitment for clinical trials and data management. Additionally, a recent partnership with Sanofi and OpenAI focuses on creating AI models to further accelerate pharmaceutical research.