Miles Wang, a researcher at OpenAI known for his work on applying artificial intelligence to scientific and biological research, is preparing to leave the company to establish a new startup focused on AI-powered drug discovery.

According to sources familiar with the development, several OpenAI researchers are also expected to join the venture as it takes shape.

The startup is reportedly in discussions to raise approximately $200 million, with an estimated valuation of about $2 billion.

Venture capital firm Lightspeed is said to be among the investors considering leading the funding round, although negotiations are still ongoing and no final agreement has been announced.

Wang has challenged reports regarding the proposed valuation and funding amount, stating that the published figures and description of the company are inaccurate.

However, he did not disclose what the actual details are, while Lightspeed has yet to comment publicly on the matter.

The planned company is believed to be developing AI systems capable of identifying new medical uses for existing drugs, including medicines that may not have succeeded during earlier clinical trials.

Such an approach could significantly reduce the time and cost involved in bringing treatments to patients because approved medicines have already passed important safety evaluations.

Before joining OpenAI in 2024, Wang studied computer science at Harvard University but left before completing his degree.

During his time at OpenAI, he contributed to research exploring how artificial intelligence can speed up scientific discoveries, reinforcing growing investor confidence in AI applications within the healthcare and pharmaceutical sectors.

Source: Techcrunch