Square 1 Bank provided a $20.5 million credit facility to existing client Recursion Pharmaceuticals, a biotechnology company specializing in artificial intelligence-enabled drug discovery.
Proceeds from the facility will support continued growth initiatives.
Recursion is backed by several investors including Lux Capital, Data Collective Venture Capital, Mubadala Investment Company and Obvious Ventures.
“Using a parallel approach and leveraging the speed of automation and the power of machine learning, Recursion aims to bring treatments to the clinic much faster and at a lower cost than previously possible,” said Chris Gibson, Ph.D., co-founder and CEO of Recursion Pharmaceuticals. “With Square 1’s non-dilutive funding option, we are able to expand our platform to enable target discovery and new chemical entity discovery as well as identify potential treatments in new indication areas like inflammation, immuno-oncology, infectious disease and aging.”
Square 1 Bank is a division of Pacific Western Bank.
