Chai Discovery raised a $400 million Series C round led by Index Ventures, tripling its valuation to $3.8 billion in under a year. The company’s AI models generate novel molecular structures for drug discovery and are already used by pharmaceutical firms including Eli Lilly and Pfizer. New investors including Bain Capital Ventures and Battery Ventures joined the round, and the funding will support further development of Chai-3, the company’s latest model, which shows improved target success rates and binding affinity over prior versions.
