PharosAI Set for Revolutionary AI Leap with £82.6m Fund
Funding | Feb 11, 2025 | Business Cloud
The UK government has announced a £82.6 million fund dedicated to leveraging the power of artificial intelligence to tackle cancer and other incurable diseases. This initiative forms a part of the Research Ventures Catalyst (RVC) programme, that aims to explore innovative research funding methods. The funding will be divided among three promising projects: PharosAI, Bind Research, and MEMetic. PharosAI will receive £18.9 million to revolutionize cancer care by integrating NHS and Biobank data on an AI platform, projecting new breakthroughs in diagnosis and treatment. Bind Research will receive £12.9 million to develop AI techniques targeting previously undruggable proteins, offering new treatment pathways for untreatable diseases. MEMetic will acquire £6.1 million, combining natural methods with polymer chemistry to tackle climate-related water challenges. The UK further strengthens its commitment to international collaboration, investing £7.8 million in the European High-Performance Computing (EuroHPC) initiative to facilitate cross-border AI research.
Sectors
- Healthcare
- Artificial Intelligence
- Research and Development
Geography
- United Kingdom – The article discusses AI research funding and initiatives undertaken by the UK government and UK-based research entities.
- Europe – The UK is expanding its involvement in the European High-Performance Computing initiative, facilitating collaboration across Europe.
Industry
- Healthcare – The industry focus of the article is on leveraging AI to tackle incurable diseases like cancer and Alzheimer's, reflecting a significant healthcare application.
- Artificial Intelligence – AI is central to the projects funded by the UK government, aimed at developing new diagnostics and treatments via innovative AI technology.
- Research and Development – The funding is directed towards developing new research methods and exploring flexible funding models for groundbreaking research.
Financials
- £82.6 million – Total funding announced for AI and high-performance computing research projects.
- £18.9 million – Government funding allocated to PharosAI for cancer research using AI.
- £12.9 million – Government funding allocated to Bind Research for AI drug discovery.
- £6.1 million – Government funding allocated to MEMetic for water management and climate solutions.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| UK Government | Funder | Government | The main entity providing the £82.6 million funding for AI research projects. |
| PharosAI | Research Recipient | Company | A project based at King's College London, focusing on using NHS data to improve cancer diagnosis and treatment through AI. |
| Bind Research | Research Recipient | Company | A project focusing on developing AI techniques to find drugs for previously undruggable proteins. |
| MEMetic | Research Recipient | Company | A project aiming to combine natural solutions with polymer chemistry for revolutionary water management. |
| King’s College London | Research Institution | Educational Institution | Home of the PharosAI project, facilitating AI research on cancer care. |
| EuroHPC | Collaborative Program | Program | A European initiative for high-performance computing collaboration, supported by the UK government. |