Business Irish

Wednesday 22 November 2017

Nuritas sets sector record for initial investment with $3.2m financing deal

Singapore, where New Protein Capital (NPC) is based.
Singapore, where New Protein Capital (NPC) is based.
Michael Cogley

Michael Cogley

Therapeutics artificial intelligence company, Nuritas, has broken the Irish record for the highest initial investment raised in its field.

Singapore-based New Protein Capital (NPC), a food and agro-tech investment firm, led the round, which brought together financial supporters from three continents including renowned Silicon Valley investor Ali Partovi, that led to a $3.2m round of financing.

Nuritas chief executive Emmet Browne said the investment will allow the firm to progress its medical developments at a faster pace.

"We are delighted to collaborate with such like-minded and visionary investors to help us accelerate the discovery revolution that we have already started," Mr Browne said.

"We share the same vision of dramatically improving life through combining cutting edge technology with intellect. With this investment we will become even better at speedily unlocking nature's life-changing secrets that have remained hidden until now and as a result, improve global health."

NPC founder Matthew Vermersch said that Nuritas' combination in its research suited the capital fund perfectly.

"A ground-breaking technology, scalable solutions and the ability to use big data mining to identify new natural health-benefiting ingredients for food and other areas, perfectly fits in the ecosystem of companies NPC has invested, and is looking at investing, in in the future."

Earlier this year Nuritas was awarded the 'Top Innovation' award at the Forbes 'Reinventing America Summit.

Ali Partovi, who has served as an investor and strategic advisor to Dropbox, Zappos, and Facebook, said that the direction in which Nuritas is going is the future of research in the therapeutic field.

"The day will come when we won't remember how therapeutic discovery used to be done without DNA analysis and artificial intelligence," Mr Partovi said.

Irish Independent

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