Discovering new drugs requires a lot of trial and error, which is both slow and expensive. Deep learning startup Atomwise Inc. is hoping to cut out a big chunk of that process with artificial intelligence, and the company got a major boost today in the form of an early-stage $45 million funding round.

The Series A round was led by Monsanto Growth Ventures, DCVC (Data Collective) and B Capital Group, each of which will add a member to Atomwise’s board. Other participants in the round included existing investors Y Combinator, Khosla Ventures and DFJ, as well as new investors Baidu Ventures and Dolby Family Ventures. Combined with Atomwise’s seed round, this brings the startup’s total funding to more than $51 million.

Founded in 2012 in San Francisco, Atomwise created its own neural network called AtomNet, which uses deep learning to simulate the creation of new drug molecules.

According to the startup, AtomNet can analyze up to 10 million compounds a day, greatly reducing the time and cost involved in drug discovery. The AI also makes predictions about the compounds, including potential side effects, toxicity, effectiveness and so on. Atomwise said that it has formed partnerships with four of the top 10 pharmaceutical companies in the U.S., along with a number of biotech firms and universities.

“Atomwise was the first startup to commercialize deep neural networks for drug discovery in 2012,” Abraham Heifets, co-founder and chief executive of Atomwise, said in a statement. “It seemed to many like science fiction then, but now in 2018, Atomwise has the commercial traction with a host of customers to demonstrate our leadership in AI for drug discovery.”

Atomwise Chief Technology Officer Izhar Wallach added that the startup’s new funding will allow it to “help hundreds of organizations discover compounds that could become tomorrow’s blockbusters.” The startup plans to use the funds to expand its staff and develop its technology further.

There are few places where AI can make a bigger impact than in the healthcare industry, and drug discovery is only one of many uses doctors have found for the technology. For example, researchers have also built AI that can diagnose cancer and spot early signs of eye disease.

Photo: COMSALUD Laboratorio de la Clínica ProcreaTec via photopin (license)