Faro AI (fka Faro Health) has raised $37.3 million in Series B funding to scale its agentic AI platform as pharmaceutical and biotech companies increasingly turn to AI agents to automate complex clinical development workflows.
The Series B round was co-led by Merck Global Health Innovation Fund and S32, with follow-on investment from all existing investors, including General Catalyst, Northpond Ventures, Polaris Partners, PTX Capital, and Zetta, and new investors, including Ankona Capital.
Founded in 2019, Faro AI has raised approximately $76 million in funding to date. The latest Series B comes more than three years after Faro AI raised $20 million in 2023.
Faro AI said it will use the fresh capital to expand its agentic AI capabilities and accelerate its work with pharmaceutical and biotechnology customers deploying AI agents across the clinical trial development lifecycle.
Commenting on the fundraise: Scott Chetham, co-founder and CEO of Faro, said: “This financing gives us the resources to accelerate what our customers are already asking us to do.”
“Clinical development involves some of the most complex and interconnected workflows in biopharma. Our customers want to use AI agents not simply to generate content, but to understand development intent, reason across these processes, and automate more of the work required to move a program forward. Faro’s ontology and data models give those agents the foundation they need to do that reliably,” added Scott Chetham.
AI-powered clinical trial automation startups attracted significant funding so far this year. More recently, QuantHealth, a provider of an AI-driven clinical trial simulation platform, has raised $45 million in a Series B round.
In another deal, OmicsBank has raised $2.25 million in seed funding from Redesign Health to build next-generation clinical data infrastructure.