Founders Fund Backs Smart Lab Tech Startup Elemental Machines For $2.5 Million
Summary
Cambridge-based Elemental Machines is a software simulator startup made for the wet lab that hopes to reduce time and costs associated with drug research through data. Founders Fund often invests in ideas that have the potential to radically change the future such as SpaceX, Lyft’s ridesharing technology, and life extension research. Elemental Machines could boost wet lab research by speeding up drug discovery and identifying better methods for treating diseases in a shorter amount of time by applying data to a cloud-based software platform, allowing researchers to interpret their results in the context of how it was collected. According to Deloitte data, global spending on life sciences research and development is projected to reach $163 billion by 2020 if it stays on the current trajectory. Elemental Machines comes from a team of scientists with a strong background in wearables and data analytics- they built Misfit, which recently sold to Fossil, and consumer health tech company AgaMatrix, prior to shifting focus to the wet lab.
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