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.