Headline : Xaira, an AI drug discovery startup, launches with a massive $1B, says it’s ‘ready’ to start developing drugs

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Advances in generative AI have taken the tech world by storm. Biotech investors are making a big bet that similar computational methods could revolutionize drug discovery.

On Tuesday, ARCH Venture Partners and Foresite Labs, an affiliate of Foresite Capital, announced that they incubated Xaira Therapeutics and funded the AI biotech with $1 billion. Other investors in the new company, which has been operating in stealth mode for about six months, include F-Prime, NEA, Sequoia Capital, Lux Capital, Lightspeed Venture Partners, Menlo Ventures, Two Sigma Ventures and SV Angel.

Xaira’s CEO Marc Tessier-Lavigne, a former Stanford president and chief scientific officer at Genentech, says the company is ready to start developing drugs that were impossible to make without recent breakthroughs in AI. “We’ve done such a large capital raise because we believe the technology is at an inflection point where it can have a transformative effect on the field,” he said.

The advances in foundational models come from the University of Washington’s Institute of Protein Design, run by David Baker, one of Xaira’s co-founders. These models are similar to diffusion models that power image generators like OpenAI’s DALL-E and Midjourney. But rather than creating art, Baker’s models aim to design molecular structures that can be made in a three-dimensional, physical world. 

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