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.