UK University of Leeds spinout adsilico has raised £3.5m ($4.4m) in seed funding to develop an in-silico trial solution.
The company received £2m in investment from Northern Gritstone, an investment company launched by the universities of Manchester, Leeds, and Sheffield. The remaining £1.5m was invested by UK-based investment management firm, Parkwalk Advisors.
In-silico trials, also known as simulated trials, use AI-assisted modelling and simulations to create a synthetic population to test a particular medical device or drug. Adsilico’s in-silico trial solution will be designed to create scientific evidence about medical devices’ performance and safety prior to human clinical trials.
Research for the technique was funded by the Royal Academy of Engineering and the University of Leeds’ Schools of Medicine and Computing. Adsilico’s founder, Professor Alex Frangi expects the company’s solution to accelerate research and development of medical devices by providing a scalable solution to generate clinical data to support device approval.
The use of technologies such as AI, modelling and simulations has been increasing in recent years. GlobalData predicts the global revenue for AI platforms across healthcare to reach an estimated $18.8bn by 2027.
Multiple companies are developing simulated clinical trial solutions. Last month, QuantHealth secured a strategic investment from Accenture Ventures to develop its simulated clinical trials platform.
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By GlobalData
In April 2023, Berry Consultants launched Fixed and Adaptive Clinical Trial Simulator (FACTS) 7. The software module allows users to simulate trials and has functionalities built in to specify a maximum time for enrolment, number of subjects, definition of successful treatments, participants per arm and concurrent treatments.
Another simulation technology that has been developed is a digital twin, a virtual model that is designed to accurately reflect the characteristics of the physical being. In April 2023, Accenture announced an investment into Virtonomy, to advance digital twin technology in the field of medical devices.
In September 2023, Dassault Systèmes launched an ‘Emma’ avatar for its digital twin technology to raise awareness regarding health research. The ‘Emma Twin’ was developed using anonymous health data with the express purpose of conducting an infinite number of tests to glean more insight into various diseases and therapies.
