Abu Dhabi’s MGX, a tech-focused investment firm, has invested in Isomorphic Labs, a UK-based drug design and development company.

The state-backed firm was among the investors who participated in the $2.1 billion Series B funding round that also drew support from existing backers Alphabet and Google Ventures, and new investors Temasek, CapitalG and the UK Sovereign AI Fund.

The fresh capital is earmarked for scaling the business globally, as well as hiring new staff and continued development and deployment of Isomorphic’s AI drug design engine.

The company uses proprietary AI models and data to find viable drug candidates and develop new medicines.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com