Biosimulytics, an Irish pharma software company and a spin-out from University College Dublin (UCD), is among nine (9) companies from across Europe, named as finalists in the 2024 European Institute of Innovation and Technology (EIT) Awards.
The EIT Awards serve to shine a light on the talent of students, innovators, and entrepreneurs across Europe. Their unique innovations are all designed to tackle specific global challenges in the fields of climate, energy, digitalisation, food, health, manufacturing, urban mobility and raw materials. These Awards also showcase how the EIT community, Europe’s largest innovation ecosystem, supports the development of entrepreneurial skills, products and services which address Europe’s biggest challenges.
Biosimulytics, nominated by EIT Digital, is the only company from Ireland to reach the final, and is a finalist in the EIT Innovation Team Award category. This Award celebrates and recognises the innovation team, made up of researchers, academics, and entrepreneurs, that developed the best unique product, service or process with high added value and breakthrough potential in their respective fields.
The other two award categories are the EIT Changemaker Award and the EIT Venture Award.
Biosimulytics is developing a quantum physics-based, AI/ML-powered pharmatech platform to improve the speed, scale, novelty and success rate of drug development. The technology shortens the time to market and reduces the risks for important developments in the pharmaceutical industry in getting from molecules to medicine (M2M) and is a key enabling technology for the new era of precision medicine.
The company, which is headquartered at NovaUCD in Dublin, spun-out from the UCD School of Chemical and Bioprocess Engineering in 2019. An Enterprise Ireland High-Potential Start-Up (HPSU) Biosimulytics is also backed at the European level through EIT Digital and the European Innovation Council (EIC) Accelerator Programme.
Peter Doyle, CEO and co-founder, Biosimulytics said, “It is a great honour to have reached the final of the 2024 EIT Awards, and to be the only Irish company among the nine finalists from across Europe.
We landed our first purchase order from a leading US biotech company at the end of 2022 during our Innovation Factory project to help them in bringing their novel cancer drug to market. The drug molecule was particularly challenging and beyond the capabilities of our competitors to simulate, so our success on this project was a major validation of the power of our breakthrough innovation. We have since gone on to be successfully awarded the EIC Accelerator in June 2023.”
The three finalists in each of the three award categories will now head to the EIT Summit in Brussels, Belgium, next Tuesday, 20 February to compete for the top spot in each Award category and a monetary prize of €50k in each category.
The general public also has a chance to vote for their favourite innovators from among this year’s nine finalists for a fourth Award category, the EIT Public Award.
To vote for Biosimulytics the only Irish company in the final visit, https://eit.europa.eu/innoveit/nominees/biosimulytics
The other two companies shortlisted alongside Biosimulytics in the EIT Innovation Team Award category are, Altris AB (Sweden) and HIQ-CARB (Germany).
Further information on all the nine finalists is available via https://eit.europa.eu/minisite/20028/nominees
