OpenAI’s Miles Wang targets $2B drug discovery startup

OpenAI researcher plans drug discovery spinout

Miles Wang, a researcher at OpenAI known for work on using AI to accelerate scientific and biological discovery, is leaving the company to start a new venture focused on AI-driven drug discovery, according to four people with knowledge of his plans.

Several other OpenAI researchers are expected to join the new company, the sources said.

Funding talks at $2B valuation

Two of the people told TechCrunch that Wang is in talks to raise about $200 million at a $2 billion valuation for the as-yet-unnamed startup.

Lightspeed is in discussions to lead the round, according to sources familiar with the deal. Talks are ongoing, the transaction is not final, and terms could still change.

Wang disputed TechCrunch’s funding figures and description of the company but did not provide alternative numbers or details. Lightspeed did not respond to a request for comment.

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Chasing AI-enabled life sciences

The fundraising discussions underline strong investor appetite for applying AI to life sciences and drug development.

On Tuesday, Chai Discovery, a two-year-old startup building AI models to predict molecular interactions and identify new drugs, said it raised $400 million at a $3.8 billion valuation. Chai co-founder Josh Meier also previously worked at OpenAI as a researcher.

In May, Isomorphic Labs, a Google DeepMind spinout that develops AI models for drug discovery, closed a $2.1 billion Series B.

Potential focus: new uses for old drugs

A couple of sources told TechCrunch that Wang’s startup may be building AI models to find new indications for existing drugs, including medicines that failed in earlier trials.

Repurposing FDA-approved drugs can dramatically shorten time to revenue compared with developing entirely new therapeutics, since safety has already been established.

From Harvard dropout to OpenAI researcher

Wang joined OpenAI in 2024 after dropping out of Harvard, where he had been working on a bachelor’s degree in computer science.

Investors in recent years have become comfortable again backing young founders who haven’t completed college.

At OpenAI, Wang co-authored research papers on how AI models can automate and accelerate scientific discovery, work that appears to set the stage for his new drug discovery venture.