Spin-out support

Chemify raises £36m to fund digital chemistry

Lee Cronin: long held dream

Chemify, a digital chemistry company spun out of Glasgow university, has raised £36 million to speed up the development of new drugs and medicines, farming, materials science, and green energy.

Founded in 2019 by CEO Lee Cronin with backing from David Cleevely, co-founder of Abcam, Chemify is based on decades of chemistry research, robotics, AI, and conceptual advancements from Mr Cronin’s Digital Chemistry Laboratory at the University. 

It is working on similar research as another Glasgow firm, DeepMatter, which has built a cloud-based platform to share chemical reaction and sensor data direct from the laboratory to enable medicines to be made better and more quickly.

DeepMatter acquired a French company and was briefly quoted on the Alternative Investment Market (AIM) before deciding at the end of last year to revert to private ownership. It said this was in the best interests of the company’s ability to raise finance and was supported by its principal shareholders.

The funding for Chemify was led by Triatomic Capital, joined by new investors including Hong-Kong based Horizon Ventures, US-based Rocketship Ventures, Possible Ventures, Alix Ventures, Scotland-based Eos, and the UK Government Innovation Accelerator program. Existing investor BlueYard Capital also participated in the round.

He said: “It has long been our dream to digitise chemistry, and I’m delighted that through this funding, Chemify is building a company that can design, make, and discover complex molecules on demand using digital blueprints on demand faster, more efficiently, and safely than is currently possible.

“Our mission is to deliver better molecules for pharmaceutical and industrial partners in a fraction of the time and cost currently required.”

Secretary of State for Scotland, Alister Jack, said: “It was fascinating to visit the University of Glasgow yesterday and hear about all the excellent work they are doing.

“The UK Government is backing the UK science, technology, and innovation sectors with record levels of funding including £33 million towards the Glasgow City Region (GCR) Innovation Accelerator (IA).

“The new funding announced today by Chemify, which is one of the projects supported by the GCR IA, is a great example of our levelling up agenda in action with the public and private sectors working together to help unlock further funding, a clear demonstration of Scotland’s vital role in keeping the UK at the forefront of global science and research.”

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.