Isomorphic Labs, the Google DeepMind drug-discovery spinout founded by Demis Hassabis in 2021 to commercialise AlphaFold, has raised $2.1B. AlphaFold won the 2024 Nobel Prize in Chemistry, but the round is the clearest signal yet that life-sciences AI has crossed from research project to commercial category. Pipeline disclosures remain limited; the company has said proceeds will fund expanded wet-lab capacity and a second discovery platform aimed at small-molecule optimisation rather than protein structure alone.