Summary: Toronto-based startup BenchSci has announced a reduction in its workforce as it seeks to navigate the impact of generative AI in the field of drug discovery. The company did not disclose the exact number of employees let go, but it confirmed that 70 team members, representing a 17% reduction in headcount, were affected. BenchSci highlighted the influence of generative AI on preclinical research and development (R&D) and expressed a belief in its potential to bring positive transformations to the industry. The layoffs are attributed to shifts in the economic environment, operational efficiencies, and the necessity to adapt to technological advancements like generative AI. The company plans to leverage these changes to further invest in AI technology, aiming to enhance drug discovery efficiency and accelerate the availability of new medicines to patients.
In an official statement, BenchSci’s co-founder and CEO, Liran Belenzon, acknowledged the difficulty of parting ways with team members while emphasizing the company’s commitment to supporting them during this transition. Belenzon explained that the decision to reduce the workforce was guided by a longer-term strategic direction that prioritizes the greatest impact on customers, including a deeper investment in generative AI.
BenchSci recently secured $95 million in Series D funding to expand its AI-powered drug-discovery platform, enabling scientists to expedite research and increase success rates in the preclinical drug-development process through text and image-based machine learning models. The layoffs at BenchSci parallel a similar trend among Canadian AI and biomedical startups, with Vancouver-based AbCellera recently reducing its workforce by 10% to focus on the clinical development of new antibody medicines.
As BenchSci moves forward, the company aims to navigate the changing landscape by capitalizing on the potential of generative AI. The team reduction is seen as a strategic step to align resources and investments with the evolving needs of the industry, empowering BenchSci to revolutionize preclinical drug discovery and contribute to improved patient outcomes.
The source of the article is from the blog qhubo.com.ni