China Digest: Qiming leads $37m Series B in Insilico Medicine; IceKredit raises $47m

Photo: REUTERS/Beawiharta

Insilico Medicine, an AI-technology drug discovery firm, has raised $37 million in its Series B funding while risk management platform IceKredit secures $47 million in pre-Series C round.

Qiming Venture Partners leads $37m Series B in Insilico Medicine

China-based venture capital firm Qiming Venture Partners has led the $37-million Series B funding in Insilico Medicine, a Hong Kong-based artificial intelligence company that develops high-performance AI platform for drug development.

The funding round was also backed by Eight Roads, F-Prime Capital, Lilly Asia Ventures, Sinovation Ventures, Baidu Ventures, Pavilion Capital, BOLD Capital Partners, and other investors.

According to a release, Insilico will use the fresh funding to commercialise its technology and hire a senior management team. The firm will also further develop its pipeline in cancer and immunology.

Established in 2015, Insilico Medicine said it has developed and validated a comprehensive drug discovery pipeline includes a molecular generator utilizing multiple proprietary generative and reinforcement learning technologies. It has published or co-published over 70 papers in peer-reviewed journals and artificial intelligence conferences since inception.

Shanghai’s IceKredit raises $47m in pre-Series C funding

IceKredit, a Shanghai-based risk management platform, announced raising $47 million in pre-Series C funding round backed by China Creation Ventures, Youzu Interactive, Yunqi Partners, and Frees Fund.

The company, which uses AI and big data to assess the credit level of businesses, said it will use the fresh funding to expand its business analytics, big data engineering, and AI teams. It also seeks to expand to international markets, among others.

IceKredit said it helps customers get loans with relatively low-interest rates by providing AI-based risk management systems and services. Among its services are credit scoring, integrated enterprise risk control service, intelligent risk decision engine, and knowledge graph computing.

Founded in 2015, IceKredit’s clients include many regional banks, community banks, and credit unions. In the US, IceKredit particularly targets the sub-prime market, 15 per cent of the entire US population who are not covered by FICO and related credit bureaus.

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.

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.