Cresset secures significant growth funding from SEP
Cresset, a UK-based developer of drug discovery and design software, announced it has secured investment from Scottish Equity Partners (SEP), a technology focused growth equity firm. The funding will be used to support Cresset’s vision to be a world-leading software and services provider for accelerating the discovery and delivery of new drugs.
Cresset’s computational methods enable its customers to accelerate drug discovery workflows by predicting molecular interactions and enabling prioritisation of drug candidates. Its computer-aided drug discovery (CADD) solutions are used by research chemists globally, including in 8 of the top 10 pharma companies.
Cresset’s specialism is describing molecules using in silico techniques. The company’s software is used by chemists throughout the entire drug discovery pipeline, from virtual screening and hit discovery to lead optimisation and QSAR analysis.
Cresset has significantly accelerated its growth rate in recent years by broadening its core product, offering to include both structure and ligand-based design capabilities (via Flare™), and the release of a new comprehensive DMTA workflow suite (via Torx®). Torx enables multiple stakeholders in the drug discovery workflow to make better design decisions and track compound synthesis.
With this investment, Cresset will accelerate its drive for exceptional talent to continue broadening the science platform. Additionally, the funding will be used to expand operations internationally, particularly in the US.
Dr Robert Scoffin, CEO of Cresset, said: “The need for new drugs is increasingly important as the world seeks to address new diseases, drug resistance and previously untreatable illnesses. Crucial in the development of new drugs is the efficiency with which new compounds are developed effectively.”
“We’re delighted to be partnering with SEP as Cresset continues to grow. They have industry specific knowledge and experience, having been the largest investor in scientific informatics business, Dotmatics. The investment will ensure computational chemists, medicinal chemists and research managers across the world have the best tools to develop the next generation of drugs.”
Taylor Rampton, Principal at SEP, added, “Cresset offers a best-in-class software platform that enables increased automation and efficiency in the drug discovery process. The business has an excellent reputation amongst its clients for a high-science approach, product innovation, and strong ties to academia. Life sciences software continues to be an important area of focus for SEP, and we are excited to be partnering with another high quality company in the space. Rob and the team have built an excellent business and we look forward to working with them in the coming years.”
