Venture Capital: SoftBank’s Vision Fund 2 Leads $319M Funding In XtalPi
The Series C round was co-led by Vision Fund 2, PICC Capital and Morningside.
American-Chinese biotech XtalPi, an AI-based drug discovery company, is known for its Intelligent Digital Drug Discovery and Development (ID4) platform. The platform uses quantum physics, artificial intelligence, and high-performance cloud computing algorithms for predictions in drug discovery and development.
Several other marquee investors participated in the funding including existing investors Tencent, Sequoia China, China Life and SIG. (Pharmaceutical Technology)
According to Dr. Shuhao Wen, chairman and co-founder at XtalPi, as quoted by MedCityNews, the company chose in the current round to tie with investors who had similar visions as the company. Looking for support for its AI-based platform, XtalPi picked investors from the fields of technology, insurance and finance.
XtalPi – use of funds
XtalPi plans to use the funds to further develop the capabilities of, and scale up its ID4 platform. It will focus on algorithms, data, and computing power.
It will also use predictions from the platform in tandem with real-world drug data to create a “digital-twin drug R&D system to provide a scalable and sustainable advantage that translates to more promising drug candidates with fewer experiments in less time.”
Wang said in a statement: “We believe AI holds the answer to solving pharma’s productivity challenge. More specifically, XtalPi’s AI-powered platform can improve the industry’s research efficiency and success rate in order to lower costs for discovering and developing new drugs. We look forward to applying our platform to help clients bring more first-in-class and breakthrough drugs to the market and address significant unmet medical needs to benefit patients on a global scale.”
Earlier this month, XtalPi entered into a contract with PhoreMost Ltd aimed at cancer.
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