Artificial Intelligence (AI) has a far outreach in the pharmaceutical industry especially in the department of new drug development. Korean startup MediRita
has created Multi-Omics Network AI, which provides faster and low-cost solution for drug discovery.
Reducing time for new drug discovery using AI
Any new drug discovery takes a lot of time and consumes many resources for any pharmaceutical research units. In such a scenario, often drugs which can be essential for many diseases take a long time to reach the final stage. MediRita has developed an AI-based solution to speed up the process of drug discovery to benefit the pharma industry. The Multi-Omics Network overcomes the complexity and interactions involved in drug discovery.
The data analytics provided by Multi-Omics Network can help researchers understand and analyze the context of phenomena occurring in a living body. Using AI helps to understand the complexity of a living organism in its entire context from molecules, tissue, cells to the whole body. The startup says the AI analysis shortens the period for new drug development with fruitful results. Multi-Omics Network can provide a clear understanding of a drug’s effect and efficacy, which enables developing effective drugs.
Global release expected by 2021
The startup’s revenue model is based on licensing and service. MediRita has a very capable team with experience in life sciences and business administration led by CEO Youngwoo Pae, who is an advisor with the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. Pae has been a former IBM Korea executive for Watson and AI technical advisor. The company is looking forward to a Beta release of the Multi-Omics network in 2020 and a global entry with an official release in 2021. The startup is seeking $2 million in funds in 2019 for research and development purposes.
MediRita team is attending the ‘Guro Innovation Summit’ 2019 to pitch its product for exploring investment and funding opportunities. The Summit is to be organized by the Guro district office and Seoul Venture Incubator (SVI) in partnership with beSUCCESS on July 18th, 2019 at the G-Valley Convention.