CuspAI secures £23.6m in seed funding led by Hoxton Ventures to advance materials discovery.
The seed round was led by Hoxton Ventures with participation from Basis Set Ventures and Lightspeed Venture Partners.
CuspAI is a frontier AI company that builds generative technology to discover and develop new materials. The company operates a platform that lets users specify required properties to generate synthesisable candidates.
CuspAI has secured £23.6m in seed funding to accelerate the development of its artificial intelligence platform for materials discovery. The financing was led by Hoxton Ventures, with additional backing from a range of European and American venture capital funds including Lightspeed Venture Partners and Basis Set Ventures.
The company applies machine learning and molecular simulation to streamline the creation of novel materials, with an initial focus on carbon capture and storage technologies. Founders Max Welling and Chad Edwards established the firm to address pressing environmental and clean energy demands through automated molecular design.
Participation in the round also came from LocalGlobe, Northzone, Touring Capital, Giant Ventures, FJ Labs, Tiferes Ventures, Zero Prime Ventures, and various angel investors. The fresh capital supports the expansion of the team and ongoing research efforts across bases in the United Kingdom and the Netherlands.
Investor perspective
"I’ve known Chad for several years and recognized him as a truly gifted individual who had the ability to lead an extraordinary team. The partnership that he has forged with Max is one that I’m sure will help solve some of the world’s most critical problems."
Charles Seely
Partner, Hoxton Ventures
Use of funds
- 01Grow the team
- 02Fund research and development
Investors
Charles Seely
Hoxton Ventures
Lan Xuezhao
Basis Set Ventures
Paul Murphy
Lightspeed Venture Partners
LocalGlobe
Northzone
Touring Capital
Giant Ventures
FJ Labs
Tiferes Ventures
Zero Prime Ventures