Nedlands company joins Google in AI project

Perth biotechnology company PYC Therapeutics will collaborate with Google to develop and host an artificial intelligence platform for precision medicines.

Nedlands-based PYC today announced it would build custom machine learning models to host Google Cloud’s AI platform, in collaboration with specialised partners.

Under the project, PYC’s proprietary precision medicine data sets will be used and designed to predict the delivery of precision medicine to specific cells of the human body.

The Harry Perkins Institute of Medical Research-based drug development company said it would be responsible for the required $10 million funding of the project over 12 months.

The project expenditure will be funded from existing working capital reserves, according to PYC.

“PYC will benefit through ownership of the intellectual property rights developed in connection with the project,” the company’s ASX announcement reads.

“Google will benefit through retention of the right to publish the process used to design, host and execute the machine learning models which use AlphaFold, its successor technologies and Google Cloud’s AI platform.”

The involved specialised partners are expected to pay a $4.5 million upfront fee to PYC to access the latter’s proprietary data sets and capabilities.

PYC's work focuses on creating a new generation of RNA therapies for patients with genetic diseases.

Shares in PYC Therapeutics were trading at 10 cents a share, down 4.55 per cent, as of 1.47pm AEDT today.