Digital health specialist set to become “integral part” of £411bn global market

HealthTech and AI platform iLoF has announced $5m (approx. £4.1m) in funding to support its vision of democratising access to personalised medicine for millions of people living with complex diseases.

Currently, London headquartered iLoF’s intelligent platform is collecting massive amounts of data to build a library of biological profiles, bringing together “world-class” physicists, biologists, and data scientists to get life-saving personalised treatments to patients faster.

The new funding round is comprised of $4.1m (approx. £3.4m) in equity investment led by Faber, alongside US based M12, Microsoft’s venture fund and Quiet Capital, and EU based Lunar Ventures, Alter Venture Partners, re.Mind Capital and Fluxunit, the corporate VC arm of ams OSRAM.

Angel investor Charlie Songhurst, former GM at Microsoft, and Berggruen Holdings, the family office of Nicolas Berggruen, a serial investor and philanthropist, also participated.

iLoF also secured a $900k (approx. £740k) grant from ERDF to accelerate and clinically validate its mission of cutting the time and cost of recruiting patients for clinical trials. Helping to remove the barriers to the development of personalised, effective, and life-saving therapeutics. The company has raised over $8m (approx. £6.6m) in funding to date.

Luis Valente, co-founder and CEO of iLoF, commented: “For hundreds of years, treatments have been developed with the assumption they will work for everyone. However, each person is different, and for many severe diseases such as Alzheimer’s, multiple factors can contribute to the effectiveness of a treatment on a given patient.

“This means millions of patients currently live without access to an effective, disease-modifying treatment - which sparked the vision behind iLoF. We collect vast amounts of data to create digital twins of biological profiles and disease subtypes, which we store in our digital library.

“Different patient profiles can be selected and screened using our platform to speed up the development of effective and personalised treatments while enabling humane, patient-centric clinical trials.”

Sofia Santos, Partner at Faber, added: “iLoF has the potential to positively impact millions of patients around the globe and become an integral part of the $500bn (approx. £411bn) global personalised medicine market.

“Its unique combination of photonics and artificial intelligence can both directly impact the fast-growing AI in the Drug Discovery Market and transform the diagnosis, staging, and triage of a myriad of diseases, progressively moving healthcare from a central hospital based-approach into a low-cost, distributed, patient-driven approach.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →