LabDAO Raises $3.6M to Decentralize Drug Discovery
Summary
LabDAO, a decentralized autonomous organization focused on open-source drug discovery, has raised $3.6 million in a funding round co-led by Inflection.xyz and Village Global.Other participants in the funding round included North Island Ventures, Seed Club Ventures, ID Theory, Road Capital, Curve Labs, gmjp.lol, Molecule, Gnosis DAO, The LAO, Orange DAO, Beaker DAO, Spaceship DAO, and former Coinbase chief technology officer Balaji Srinivasan, among others.The fundraise announcement coincided with the launch of the PLEX software platform.PLEX is the client that lets scientists interact with the Lab exchange. They should also be able to create artwork and share that with their followers, Niklas Rindtorff, co-founder and CEO of the Openlab Association, said during an interview with CoinDesk.The problem though is that science is a bit more complex. LabDAO is currently focused on building out the exchange and making sure it creates utility for scientists both inside and outside of academia, said Rindtorff. LabDAO wants to have the exchange in place so that when the DAO and affiliated token are ready, theres something to govern and an active community.Decentralized science (DeSci) is a small but growing sector in the crypto industry that has attracted a wide range of investors. Earlier this year, health longevity-focused VitaDAO raised $4.1 million in a funding round that included the venture capital arm of pharmaceuticals giant Pfizer.Read more: Pfizer-Backed VitaDAO Votes on Creating For-Profit Company to Fund Longevity Research