Chinese drug discovery firm BioMap bags $100m Series A led by GGV Capital

BioMap, a Chinese AI-driven R&D platform that focuses on precision medicine, has raised $100 million in a Series A round led by global investment firm GGV Capital.

The round was joined by new investors including Chinese search engine giant Baidu, Legend Holdings’ Legend Capital, Bluerun Ventures, as well as Xiang He Capital, a TMT focused venture capital firm co-founded by Baidu’s former executives Hesong Tang and Maggie Yang. 

Robin Li, the founder of Baidu and a co-founder at BioMap, made a follow on investment in the Series A round, according to a company statement on Friday. 

With the new proceeds, BioMap will invest in technology innovations and talent pool advancements. 

Co-founded by Li and former Baidu Ventures’ CEO Wei Liu in November 2020, BioMap leverages AI and frontier biotechnologies for new therapeutics and diagnostic products. BioMap’s treatments mainly target oncology, autoimmune and fibrotic diseases. 

In the statement, BioMap said it has initiated a plan to facilitate the research of immune repertoire. Besides offering self-owned data and technologies, BioMap will bankroll a total of 1 billion yuan ($155 million) for the initiative. 

As of now, it has received applications from a batch of Chinese leading institutes like the China Academy of Sciences, Peking University, Tsinghua University, and Fudan University, among others. 

In addition, Beijing-based BioMap has also embarked on the construction of a laboratory that can help it achieve one-stop drug discovery and development leveraged by AI.

“The fields related to AI and life sciences have the best potential in the 21st century, while AI-driven drug discovery is widely known as one of the most sought-after accelerators in life science,” said GGV Capital partner Chenxiao Wu in the statement. 

Earlier this month, GGV Capital had invested in precision medicine peer Geneplus Technology for its 750 million yuan ($116 million) Series C round of financing. 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.