Miles Wang Leaves OpenAI to Launch $2bn AI Drug Startup
An OpenAI researcher is leaving to build a $2bn AI drug startup that has no name yet.
Miles Wang, an OpenAI researcher, is departing to found an AI drug-discovery company. Currently without a name or product, investors speculate its value could reach $2bn.
Key Takeaways:
- Unnamed Startup: The company has no official name or product line.
- Potential Valuation: Investors are considering a $2bn valuation.
- Funding Talks: In discussions to raise around $200m with Lightspeed potentially leading the round, though terms are subject to change.
- Followers: Several other OpenAI researchers plan to leave alongside Wang.
- Business Model: The startup may use AI to find new uses for existing approved drugs, accelerating their path to market.
- Expertise: Wang, an OpenAI reinforcement learning team member, has a background in alignment, safety, AI for science, and biology.
AI in Drug Discovery: A Gold Rush
The move underscores the growing allure of AI in drug discovery, with recent examples including:
- Chai Discovery: Raised $400m at a $3.8bn valuation on the same day as Wang's announcement.
- Isomorphic Labs (Google DeepMind spinout): Secured $2.1bn in May.
- ByteDance and Anthropic: Both chasing similar opportunities.
Challenges Ahead
While AI offers potential solutions to streamline drug development, clinical trials remain a significant hurdle:
"Drug discovery is a ‘lighter’ problem... The harder problem is making drugs succeed in clinical trials." - Noam Solomon, Immunai CEO
Wang's startup faces the challenge of translating an initial idea and market interest into a viable drug candidate.