Innovate U.K boosts research and development Funding towards artificial intelligence for drug discovery. The funding is established by the British Government to strengthen U.K. technologies.
The funding will be distributed to a software company, an artificial intelligence firm and a healthcare organisation.
The $1.3 million research funding scheme is designed to tap into the power of artificial intelligence. The project will help to gain insight into complex data patterns and use the analysis as a road-map for scientists in the design and testing of potential new medicines.
This funding from Innovate UK is important for further advancing industry expertise and the impact it will have on industry efficiency and productivity.
Innovate U.K. forms part of the U.K.’s innovation agency ‘U.K Research and Innovation’, which is a non-departmental public body funded by a grant-in-aid from the U.K. government. Innovate U.K. connects businesses to the partners, customers and investors that can help them turn ideas into commercially successful products, services and business growth. This is achieved by funding business and research collaborations to accelerate innovation and drive business investment into research and development.
The funding to the selected three companies will aim to apply artificial intelligence so that researchers can more easily shift through complex chemical data in the quest to develop new medicines more quickly. The future developed process will aim to provide meaningful insights into how medicine interacts with the human body. This will hopefully improve the efficiency and productivity of drug discovery.
The initial project will deploy deep learning methods to design a next generation platform that should better predict the absorption, distribution, metabolism, excretion and toxicity of new drug candidates.
Innovative industries and companies are greatly supported by the government and can be eligible to receive an R&D Tax Incentive. Swanson Reed R&D Tax Consultants help companies to claim this incentive and help ensure that companies receive the maximum eligible amount. If your company is developing novel solutions, take our online eligibility quiz to find out whether you qualify for a tax rebate.
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