The UK Government’s Sovereign AI Fund is to fund Isomorphic Labs, a London-founded and headquartered company, using AI to design and develop new medicine.

The company was founded by Nobel Prize-winner Sir Demis Hassabis.

Isomorphic Labs is developing a number of proprietary breakthrough AI models that together form its unified drug design engine, across multiple therapeutic areas and drug modalities.

Science and Technology Secretary Liz Kendall said: "Isomorphic Labs’ ground-breaking work has the potential to reshape completely how medicines are discovered – cutting years off development and giving real hope to people living with devastating diseases. This is AI at its very best – pushing the boundaries of innovation to improve people’s lives.

"Britain has a proud history of world-changing medical breakthroughs – from penicillin to MRI scanners. Now in the AI era, we are backing a brilliant UK firm working on another huge jump forward in science to the benefit of people across the country and around the world."

Sovereign AI Head of Ventures Joséphine Kant said: "Isomorphic is one of the most consequential companies being built anywhere in the world today, and it’s being built in Britain. Sovereign AI exists to invest in the companies that will shape what this country becomes next. Sir Demis Hassabis, Max Jaderberg, and the team they have built deserve a country willing to match their ambition with its own, and we intend to make sure it does."