Metis Pharmaceuticals, a China-based drug developer leveraging artificial intelligence-driven models, has collected over RMB100m ($15.3m) in angel and pre-series A funding from investors including pharmaceutical company XtalPi, DealStreetAsia reported yesterday..
XtalPi contributed to the angel round, which was led by Sequoia Capital China and backed by Source Code Capital, Frees Fund and Forcefield Venture.
The pre-series A round was led by Lightspeed China Partners and included 5Y Capital (formerly Morningside Group) and unnamed existing investors. Investment bank China Renaissance facilitated both transactions.
Metis is working on preclinical-stage drug candidates it identified using an AI-based molecular design platform that employs machine learning and quantum simulation. Its assets include MTS001, a candidate intended to treat the gynaecological disorders endometriosis and uterine fibroids.
The capital will be used to help refine the company’s technology as it looks to strike more industry partnerships to follow an existing collaboration with XtalPi focusing on AI drug design.