B Capital Group and Sanabil Investments led the San Francisco-based firm’s Series B. (The Logic)

Talking point: The eight-year-old firm has come a long way since its origins at the University of Toronto’s incubator. It’s raised nearly US$175 million so far, and has signed US$5.5 billion in total deal value with corporate partners like Bayer and Eli Lilly. It also has 285 drug-discovery partnerships with academics, as well as 15 research partnerships with universities for COVID-19 treatments. The firm is trying to use AI to speed up the discovery of new drugs. It’s not the only company that’s had success in this space. In January, Deep Genomics, another startup with University of Toronto roots, raised $40 million. In June, Menten AI raised a US$4-million seed round.