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BenevolentAI’s reported down round spells trouble for Woodford

Summary:
BenevolentAI, a drug discovery company, is looking to raise money at a “level far below” the bn valuation bequeathed on it last year by investors including Woodford Investment Management, according to a report from the Sunday Times.News of a potential down round follows FT Alphaville's long analysis of the business, published over a fortnight ago. The company was brought to our attention thanks to its prominence in Woodford's investment vehicles, including the now-gated Equity Income Fund and the Patient Capital Trust.The Sunday Times article covers the story well, but one thing missed is that, as of December, BenevolentAI had yet to draw down the full £84.1m it raised last year. According to Companies House filings, the medical technology business still had £20.5m to come in as of Dec

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BenevolentAI, a drug discovery company, is looking to raise money at a “level far below” the...

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FT Alphaville is a free daily news and commentary service giving finance professionals the information they need, when they need it. In a world where market professionals are inundated with information there is a pressing need to edit and filter, and hopefully sow a few ideas along the way. That’s where the FT Alphaville team comes in.

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