Stories of Impact: Nuritas lands €30m backing from European Investment Bank
European Innovation Council (EIC) pilot’s funded company Nuritas, Dublin-based start-up backed by U2’s Bono and The Edge as well as Salesforce’s Marc Benioff, has become the first Irish biotech to gain direct support from the European Investment Bank (EIB) with a new funding round worth €30m.
The funding will be used to further increase and accelerate the development of artificial intelligence and DNA analysis to improve global healthcare.
“It is a hugely meaningful mark of confidence and support for Nuritas, as such a small percentage of applicants pass the extensive diligence criteria for a facility of this substance,” said Greg Stafford, Nuritas CFO.
Nuritas was founded in 2014 by mathematician and bioinformatician Dr Nora Khaldi. It combines IT and life sciences expertise to mine DNA and protein data from plant materials in the hope of discovering new food components to help prevent, manage and possibly even cure disease. In particular, the company focuses on using AI to discover hard-to-find bioactive molecules called peptides which can be found in plants and can be used as ingredients to improve health.
Last month, Siliconrepublic.com reported of a breakthrough that Nuritas made with biopharma giant BASF to develop a new product called PeptAIde, a sports nutrition ingredient containing a unique set of plant-based peptides identified using artificial intelligence (AI), for regulating inflammation. Earlier this year, Siliconrepublic.com also reported that Nuritas is working with Nestlé to discover bioactive peptide networks within natural food sources. These health-promoting peptides can be added to functional foods for people with certain medical conditions.
Nuritas was also considered by Forbes one of the 20 leading companies in AI company in health and drug discovery.
Last year, Nuritas raised $20 million in its first round of funding led by Cultivian Sandbox Ventures. Earlier investors include Bono and The Edge, two members of the Irish rock band U2. The new support from EIB will allow the company to access tranched financing as required to scale up the development of the rapidly growing company. Future investment by the company backed by the EIB will scale up development of new therapeutics in areas of interest including anti-ageing, anti-inflammatory and diabetes treatment.
For more information, check Nuritas website here.
View Nuritas' information on the EIC SME Instrument data hub.