Chinese medtech startup Precision Scientific and liquid metal-based printed electronics developer Dream.ink have garnered new financing to expand operations.
Medtech startup Precision Scientific raises $23m
Chinese medtech startup Precision Scientific has secured 150 million yuan ($23.2 million) in a Series B round of financing jointly led by domestic investment companies Suzhou Kington Capital and GTJA Investment Group.
Early-stage venture capital (VC) firm Polaris Capital, healthcare-focused Grand Mount Capital, as well as existing shareholders Sinovation Ventures and Maison Capital participated in the deal, the startup announced in a WeChat post on Saturday.
The Beijing-based startup has developed an artificial intelligence (AI)-driven multi-omics system “AIBERT,” which uses a biological analysis approach to serve pharmaceutical and biotech companies.
It offers solutions for research on drugs’ mechanism of action, biomarker development, clinical statistics management, and central laboratory services, as well as biomarker and precision medicine-based differentiation strategies for clinical drug R&D.
Precision Scientific, which counts Chinese search engine giant Baidu’s investment unit Baidu Ventures (BV) among its earlier backers, plans to use the new financing to upgrade the AIBERT system and expand its cooperation with pharmaceutical and biotech clients.
“The intelligent revolution in innovative drug R&D is around the corner,” said Fan Wenjing, managing partner at GTJA Investment Group. “[The approach of] leveraging [AI] algorithms to unravel multi-omics data sets for a deeper understanding of the molecular basis of diseases is ‘a deep-water zone’ in the field of AI drug development.”
Liquid metal startup Dream.ink closes $15.5m Series B1 round
Dream.ink, a Chinese firm that develops liquid metal-based printed electronics, has raised nearly 100 million yuan ($15.5 million) in a Series B1 round of financing.
The Series B1 round was led by semiconductor-focused investment firm China Fortune-Tech Capital, with participation from private equity (PE) fund Riverhead Capital.
Beijing-based Dream.ink, which was grown out of the liquid metal research teams at Chinese Academy of Sciences (CAS) and Tsinghua University, focuses on the development of liquid metal as a new class of conductive ink used in printed electronics. In comparison to conventional printing technique such as screen printing and inkjet printing, printed electronics is faster, more flexible and customised, lower-cost, and environmental-friendly.
The products can be used in fields like mobile communication, consumer electronics, car electronics, Internet of Things (IoT), healthcare, and education.
The startup plans to use the new funding to finance its market expansion, talent recruitment, and construction of mass production line, in an attempt to speed up the R&D and industrialisation of printed electronics.
Prior to the round, the startup raised 100 million yuan in a Series B round from Maison Capital and China Zhongji Investment in June 2020.