The AI and technology firm has created advanced computational platforms to help biopharma companies to discover and develop more effective diagnostics and therapeutics apart from developing software that enables modelling and an understanding of modifications and variants in mRNA
Accenture made an investment in Ocean Genomics to expedite AI-driven drug discovery. (Credit: Zarateman/Wikimedia Commons)
Accenture has announced an investment in intelligent transcriptome firm Ocean Genomics through its Accenture Ventures unit in an effort to expedite artificial intelligence (AI)-driven drug discovery.
The terms of the transaction were not disclosed.
The Pennsylvania-based AI and technology firm has created advanced computational platforms to help biopharma companies to discover and develop diagnostics and therapeutics that are more effective.
With the investment in Ocean Genomics, Accenture also expects to accelerate the development of personalised medicines.
Accenture said that the global personalised medicine market size is expected to reach over $796bn by the year 2028, citing a report by Grand View Research.
Ocean Genomics develops software that enables modelling and an understanding of modifications and variants in mRNA to allow a more precise prediction of a patient’s biological reaction to a drug.
Biopharma companies use in-silico drug discovery technology in partnership with the US-based company to create treatments that are based on an individual’s personal biology, said Accenture.
Ocean Genomics co-founder and CEO Carl Kingsford said: “As biopharma companies move to increasingly precise and effective therapies, they seek the talent, technology and insights to enable more personalized, data-driven drug discovery.
“With the support of, and collaboration with, Accenture, we will be even better positioned to help the biopharma industry develop more effective diagnostics and therapeutics.”
Following the investment, Ocean Genomics has now become a part of Accenture Ventures’ Project Spotlight, which is an engagement and investment programme.
Accenture senior managing director and life sciences practice global lead Petra Jantzer said: “The growth of in-silico in the discovery of individualized treatments and disease interventions will change how we care for people around the world.
“We made this strategic investment in Ocean Genomics to help biopharma companies better utilise genomic and transcriptomic data and AI in drug discovery to develop targeted therapeutics at a higher pace and bring them to market faster.”
In December 2022, Accenture announced an investment in US-based virtual reality (VR) digital wellness and digital therapeutics company BehaVR through Accenture Ventures.