China-based drug discovery platform developer XtalPi has closed a series B round backed by internet group Tencent and internet technology provider Google at $15m.
The round, which was led by Sequoia China, a regional branch of venture capital firm Sequoia Capital, increased XtalPi’s total funding to more than $20m.
Founded in 2014, XtalPi has built a computer-based platform that uses quantum physics, artificial intelligence (AI) and cloud processing to model the attributes of small-molecule drugs and other solid forms, helping drug laboratories conduct research faster and more accurately.
The funding will facilitate the development of computational models based on data from XtalPi’s platform. Proceeds will also help construct a “prediction-driven” laboratory that will combine the company’s technology with wet-bench research facilities.
Tencent led XtalPi’s a series A round reported by TechCrunch to be $5m in size, in December 2015. Social media company Renren had reportedly provided $310,000 in angel funding two months before, and ZhenFund and Frees Fund are also among the company’s earlier investors.
said Jeffrey Li, managing partner of Tencent Investment, said: “After the series A funding round led by Tencent, XtalPi has quickly established itself as a pioneer in AI-powered drug R&D and won contracts and approval from prominent international pharmaceutical companies.
“We have confidence in the future development of AI-powered drug R&D and think highly of the team’s innovative and executive abilities as we continue to invest and take part in XtalPi’s acceleration and growth.”