XtalPi has just revealed its latest efforts in funding which amounts to $15 million. The funding is led by Sequoia China, with Google also climbing on board alongside existing investor Tencent. So far the company has raised more than $20 million and is one of the most funded artificial intelligence (AI) biotech companies out there.
One of the greatest achievements for XtalPi so far is the fact that it can offer Intelligent Digital Drug Discovery and Development (ID4). This helps to improve the accuracy, efficiency, and success rate of new drug development. By using a combination of AI, cloud computing, and quantum physics, XtalPi is able to predict various characteristics of potential drug candidates.
“At XtalPi, we believe that algorithmic power is the key to finding smarter, more effective routes for drug research and development, and we are focused on building a computational engine that empowers and expedites pharmaceutical innovation for companies worldwide,” said D. Shuhao Frank Wen, co-founder and chairman of the board at XtalPi.
“The financing from Sequoia China, Google, and Tencent, who are among the top investors and innovators in AI and computer science, represents a strong endorsement of our vision and technology. We look forward to working closely with them as XtalPi continues to mature and succeed.”
The funds raised from this latest round will be put towards developing new big data computational models and to further expand the company’s operations. This will include a new lab being built that will employ state-of-the-art technologies to design and develop better drugs.
“XtalPi offers a unique solution to the highly empirical and challenging nature of the drug development process,” said Neil Shen, Founding and Managing Partner of Sequoia China. “Sequoia China’s investment in XtalPi reflects our view that AI will transform the future of the pharmaceutical industry.”
Frank Lin, Principal, Corporate Development of Google, said: XtalPi’s AI platform is a powerful new tool for drug development that has already been adopted by key researchers. Their technologies, such as ID4, could help to propel pharmaceutical R & D productivity and capabilities while reducing costs.”
Jeffrey Li, Managing Partner of Tencent Investment is also pleased with XtalPi’s progress. “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.”
Other investors in XtalPi include FreeS Fund and ZhenFund.