Chinese AI drug discovery startup XtaIPi secures $400m co-led by OrbiMed, HOPU

Shenzhen-based Chinese AI drug discovery platform XtalPi has raked in $400 million in a Series D round of financing.

The fresh corpus raised by XtalPi brings its market valuation to over 13 billion yuan ($2 billion).

This also marks the second round of financing in a year. In September last year, XtalPi had secured $319 million in a Series C round co-led by SoftBank Vision Fund 2, PICC Capital, and Morningside Venture Capital with participation from CICC Capital, CMB International, Sequoia Capital China, and 5Y Capital, among others.

The latest round was jointly led by OrbiMed Healthcare Fund Management and Asia’s leading alternative asset manager HOPU Investments.

Other investors who backed the round include Sino Biopharmaceutical, a new investor, besides returning investors Sequoia Capital China and 5Y Capital. 

AI drug discovery in Greater China is increasingly attracting more capital. A month ago, Hong Kong-based Insilico Medicine secured $255 million in a Series C round led by Warburg Pincus. This was followed by Beijing-based BioMap’s $100 million Series A round from GGV Capital, Baidu, and Legend Capital. 

Set up in 2014 by a group of quantum physicists from MIT, XtalPi is dedicated to providing intelligent drugs discovery solutions for global innovative pharmaceutical firms.

It utilises smart technologies such as interwoven quantum physics and cloud computing algorithms developing Intelligent Digital Drug Discovery and Development (ID4) platform, which is able to help small-molecule candidates for drug developments.

It claims to have supported launching over 100 small-molecule pipelines, as well as discovering tens of innovative drug candidates. Some of its top partnerships include 3D Medicines, GeneQuantum Healthcare, Huadong Medicine, and Signet Therapeutics.

XtalPi’s early-stage investors also include Xiaomi’s Shunwei Capital, SIG China, Tencent, IMO Ventures, Mirae Asset Financial Group, and ZhenFund. 

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.