[Funding alert] Belfast-based AMPLY Secures €1.6 Million in Funding

Monday 12, 2024 | By Team SR

AMPLY, a Belfast-based company, has received €1.6 million in funding from Innovate UK to use its in-house AI-driven drug discovery platform to create new pharmaceutical products.

AMPLY, a Belfast-based company, has received €1.6 million in funding from Innovate UK to use its in-house AI-driven drug discovery platform to create new pharmaceutical products.

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Invest NI, the British Business Bank, QUBIS Limited, the Helix Way Partnership, Techstars, and angel investment from members of the Halo Business Angel Network (HBAN) are among the current investors in AMPLY. Co-fund NI is overseen by Clarendon Fund Managers.

The company was founded in 2021 as a spin-out from Queen's University Belfast with the goal of commercializing a novel drug discovery platform created by academics in the Queen's School of Biological Science.

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Dr Ben Thomas, Chief Executive Officer and Co-Founder of AMPLY Discovery, said: “This new funding will further help AMPLY to realise its ambition of democratising the discovery of new therapeutics by building a transformative Drug Discovery Studio which leverages the raw power of evolution to unearth new medicines from nature’s huge untapped reservoir.”

Through artificial intelligence (AI) and synthetic biology, AMPLY is enabling the search for treatments for viral, metabolic, and cancerous disorders. This makes the process of finding new pharmaceuticals more predictable and less costly. Over ten years of research and development have gone into its technology platform.

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Currently, the company is concentrating on two major research and development projects that will give its development platform technical certification.

Innovate UK and Innosuisse have funded £835,000 to the first program, which focuses on RNAi therapeutics to treat highly genetically mediated diseases, in order to create a new RNAi therapy for Acute Myeloid Leukemia.

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In May 2022, AMPLY secured its first round of pre-seed funding. It intends to raise an additional £1.4 million in a complete seed funding round during the second quarter of 2024. According to the business, these latest grant awards show even more of the progress it is making in creating a whole new kind of highly effective drug development platform.

About AMPLY

AMPLY Discovery mines enormous amounts of biological data to find new prospects for biologic drugs and nutraceuticals by utilizing machine learning and synthetic biology. Aiming to find best-in-class compounds through the use of a patented in silico and in vitro hybrid platform, AMPLY is assisting in the fight against some of the most serious illnesses that face humanity, including cancer, MDR infections, and metabolic disorders.

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