The pre-seed round was backed by Regulatory Scientific and Health Solutions and angel investors to support product development and team growth.
"We founded Giles AI to dramatically accelerate clinical and medical research using secure, cutting-edge, conversational AI. The impact is transformative: a typical 10-year, $1.5bn drug or device development pipeline can be accelerated significantly – getting life-saving innovations to market faster than ever before. With our collaboration with Google, our recent £750K pre-seed raise gives us the runway to scale rapidly -FounderCatalyst were instrumental facilitating the raise, providing expert legal guidance and an incredibly efficient process that let us stay focused on building the future of medical research."
Northern Gritstone and Mercuri co-led the pre-seed round to help the Newcastle-based artificial intelligence firm commercialise its technology.
"We’re at a pivotal moment for AI with adoption continuing to accelerate alongside sustainability and cost concerns. Our logic-based AI offers a new solution for those that want and need high-performing AI that is faster, more energy efficient and more explainable than what’s currently available via neural networks. This funding comes at a time when we’re ready to significantly speed up our product development and will enable us to bring our first product to market later this year."
The seed round was led by Index Ventures with participation from multiple venture firms and angel investors.
"Our platform dramatically streamlines this process and mountains of documents which slow down research today. But improving efficiency is only the beginning, building AI into the invention process, along with the inventors allows inventors to fundamentally expand the horizons of what we can imagine creating. We believe Ankar is creating the foundation for the next generation of breakthrough technologies."
The funding round was jointly backed by NPIF and Finance Yorkshire with £500k each.
"Healthcare services worldwide rely on rapid and accurate laboratory testing. However, training staff is costly, and machine downtime is commonplace, often due to operator error or simple faults that could easily be fixed with the right support. We believe our platform will dramatically improve productivity by enhancing staff skills and keeping equipment up and running, while also reducing warranty costs for manufacturers."
