level: business
miles wang, an openai researcher focused on using ai for scientific discovery, is leaving to launch a new startup. the company will develop ai models for drug discovery. several other openai researchers are expected to join. wang is in talks to raise about $200 million at a $2 billion valuation, with lightspeed possibly leading the round. the discussions are not final and details may change. wang disputed the funding figures and company description but did not provide correct numbers.
the startup may work on ai models to find new uses for existing drugs and those that failed previous trials. repurposing fda-approved drugs can lead to faster revenue since safety testing is already done. this approach contrasts with developing new drugs from scratch. the funding interest reflects broader investor excitement for ai in life sciences. recently, chai discovery raised $400 million at a $3.8 billion valuation for similar work, and isomorphic labs raised $2.1 billion in may.
wang joined openai in 2024 after dropping out of harvard, where he studied computer science. at openai, he co-authored research on automating and accelerating scientific discovery with ai. his move highlights a trend of young founders attracting venture capital despite not completing college. the new startup adds to a growing list of ventures applying ai to drug discovery, a field that could speed up the development of new treatments.
why it matters: ai-driven drug discovery could reduce the time and cost of bringing new treatments to patients, making it a key area for data science and machine learning applications.