The HealthTech Signal
Chai Discovery triples its valuation as pharma buys into AI-designed molecules
Chai Discovery triples its valuation as pharma buys into AI-designed molecules
Dr. Dereck Mush, MD, MBA
Variational AI
Generative chemistry company developing the Enki platform for small-molecule design.
What they do
Variational AI develops Enki for small-molecule design. Its official September 23, 2025 announcement describes a collaboration with Merck using Enki fine-tuned on Merck proprietary data to design small molecules for two undisclosed targets. Potential upfront and milestone payments total up to US$349 million; this is a collaboration ceiling, not disclosed cash already received. The November 4 directory sync references this existing collaboration, not a new November 2026 deal.
The record
- Vertical
- Pharma & Drug Discovery
- Sub-segment
- Generative chemistry
- Product type
- Platform software
- Stage
- Venture-backed
- Headquarters
- Not disclosed
- Region
- North America
- Founded
- Not disclosed
- Total funding
- Undisclosed
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