A successful start-up involved in drug research in the UK named BenevolentAI is looking to hire more people. The organisation wants to nearly double its current human resource strength from 70 people by bringing 50 more employees on board. They are considering increasing their manpower in the areas of biotechnology and data sciences.
BenevolentAI is an entity that operates in a niche; intensively using artificial intelligence to discover drugs that can cure diseases. Founded in 2013 by Ken Mulvany, this firm is located in the heart of London, UK. The Association of the British Pharmaceutical Industry has estimated that it costs approximately $1.53 billion and can take up to 12 years to come up with just one medicine.
The vision of BenevolentAI is to shorten the time taken so that medicines can be discovered and commercialised faster, thus giving hope to thousands of patients with health issues that are still difficult to manage with the current medication available on the market.
The time saved coupled with the technology can also be used to discover cures for widespread diseases, which in spite of being very common, do not have a direct solution. One such issue which haunts the elderly is Alzheimer’s. A pill can work wonders for the patient and save him/her as well as their family from a lot of suffering. This is one of the deals which Benevolent AI has with an anonymous pharma company in the US.
The 2016 Brexit, or Britain’s exit from the European Union has rocked not just UK’s political and economic situation but also that of the global village. Start-ups, being inherently risky, have to face more risk due to this.
The pharmaceutical industry involves more regulations and compliance. As far as application of technology is concerned, R&D has its own issues but commercialising successful technology and translating them into results that can help society is a challenge.
In spite of all these issues, BenevolentAI has managed to cross the $1 billion mark in terms of valuation and has also raised $140 million. This shows that BenevolentAI has the potential to perform well even in uncertainty.