AI drug R&D company Absci (ABSI.US) receives $20 million investment from AMD (AMD.US)

Artificial intelligence drug development company Absci (ABSI.US) has received a $20 million investment from AMD (AMD.US) in the form of a private placement of equity (PIPE). At the time of writing, Absci's stock is up 46.58% in pre-market trading, at $4.50. Absci has also announced a strategic partnership with AMD to deploy the latter's Instinct accelerators and ROCm software. This investment is expected to help AMD increase the usage of its artificial intelligence chips in the healthcare industry. This investment in Absci marks AMD's first attempt to enter the life sciences field through its artificial intelligence chips. Absci will shift towards using more of AMD's GPUs. The biotech company will use the funding from this investment to further build its artificial intelligence models and continue their internal drug development work.