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European biotech startup Cradle raised $24 million, gaining funds for its effort to use AI to help scientists design and engineer proteins faster and more cost-effectively.
(Bloomberg) -- European biotech startup Cradle raised $24 million, gaining funds for its effort to use AI to help scientists design and engineer proteins faster and more cost-effectively.Most Read from BloombergBillions Wiped Out as Stock-Safety Trade on Wall Street MisfiresRussia Downs Drones Over Moscow in Ukrainian Retaliatory StrikeTreasuries Extend Blockbuster Rally on Fed Wagers: Markets WrapMusk, Netanyahu Visit Massacre Site Amid Antisemitism FurorIsrael, Hamas Extend Gaza Truce as 11 Mo
Cradle, the biotech startup using generative AI to help scientists design and engineer proteins, has raised $24 million in Series A funding.
Early-stage venture capital funding at around record levels.
"We're investing $2 million in 20 companies - if we just find one unicorn it almost returns the fund, which I think is a really unique opportunity for us as fund managers," said Masha Bucher, co-founder at Day One Ventures. "Looking at the last economic cycle, companies like Stripe, Airbnb, Dropbox have been created in crisis." HOT: GAMING AND AI Also in November, multi-stage fund Index Ventures, which has bankrolled Facebook, Etsy and Skype, launched its second Origins fund, which will invest $300 million in early-stage startups.