Chai Discovery triples to $3.8B in 7 months as OpenAI-backed drug designer lands $400M after Novartis deal — TFN

Chai Discovery raised $400 million at a $3.8 billion valuation, tripling its worth in seven months and pushing total funding above $600 million across three rounds in eleven months.

The round lands a day after Chai announced a collaboration with Novartis, giving it Pfizer, Eli Lilly, and Novartis as pharma partners simultaneously.

Index Ventures led the round; new backers include Bain Capital Ventures, Battery Ventures and Baillie Gifford, alongside returning investor OpenAI.

Chai Discovery has raised $400 million in a Series C round that values the AI drug discovery company at $3.8 billion, nearly triple the $1.3 billion valuation it held seven months ago.

The round was led by Index Ventures, alongside Kleiner Perkins, Sequoia Capital and Dimension. New investors Bain Capital Ventures, Battery Ventures, Baillie Gifford, BDT & MSD, Sapphire Ventures and Avra Capital joined, while existing backers Thrive Capital, OpenAI, Oak HC/FT, Menlo Ventures, General Catalyst, Glade Brook, Avenir, Lachy Groom and Yosemite also returned.