XtalPi, the China-based creator of an artificial intelligence-equipped drug discovery system, has raised $400m in series D funding from investors including pharmaceutical company Sino Biopharmaceutical, DealStreetAsia reported today.
Healthcare investment firm OrbiMed’s Healthcare Fund Management co-led the round with alternative asset management firm Hopu Investments, and it also featured venture capital firms Sequoia Capital China and 5Y Capital. It valued the company above $2bn.
Founded in 2014, XtalPi has created a digital drug discovery platform that utilises artificial intelligence to predict the pharmaceutical and chemical properties of small-molecule drug candidates in order to improve the design and development process.
PICC Capital, the investment arm of insurance group PICC, co-led the company’s $319m series C round in September 2020 with telecommunications and internet group SoftBank’s Vision Fund 2 and 5Y Capital (then known as Morningside Venture Capital).
The round included SIG China, a subsidiary of quantitative trading firm Susquehanna International Group (SIG), also took part in the round, as did internet group Tencent and China Life Private Equity Investment, which invested on behalf of insurance firm China Life.
China International Capital Corporation’s CICC Capital unit filled out the round with financial services provider Mirae Asset and a fund run by financial services firm China Merchants Bank’s CMB International vehicle, as well as Citic Capital, Shunwei Capital, Oceanpine Capital, Foursquare Capital, IMO Ventures and unnamed others.
China Life’s Healthcare Fund had led a $46m series B-1 round for the company in October 2018 that included SIG and Yael Capital. It came nine months after a $15m series B led by Sequoia Capital China and backed by Tencent and internet technology provider Google.
XtalPi had raised $5m in a Tencent-led series A round in 2015, social media company Renren having already supplied $310,000 in seed capital earlier that year. ZhenFund and Frees Fund are also among its early investors.
