Source Code And DCM Co-lead New Round In Chinese AI Pharmaceutical Firm Galixir

According to chinamoneynetwork.com, China's AI drug research and development platform Galixir has secured nearly US$10 million in a Pre-A round financing co-led by Source Code Capital and DCM.

Morningside Venture Capital and exisiting investor Gaorong Capital also participated in the round.

Founded in 2019, Galixir is a solution provider that supports the research and development of new drugs based on AI technology. It aims to combine artificial intelligence with pharmacy, chemistry, biology and other technologies to build an AI drug discovery platform to reduce scientists' development cycle and cost in the drug research and development process, thereby promoting the various processes of new drug research and development.

At present, Galixir has completed the construction of multiple drug R&D modules including reverse synthesis prediction, drug screening, molecular design, etc., completed the delivery of several customer designs, and has cooperated with some well-known domestic pharmaceutical companies.

For the entire industry, there is no doubt that there are still significant pain points in new drug research and development, extremely long development cycle and high cost.

"China's innovative drug development is in a golden age, and new technologies are the key to breakthroughs," said Huang Yungang, partner at Source Code Capital. "In recent years, the importance of data science in drug development is rapidly increasing, especially after the intervention of machine learning technology. The combination of data and algorithms has achieved encouraging results in the modeling and analysis of some complex problems; In turn, it will further promote the production of massive data and the iteration of algorithms, and significantly change the methodology of drug development."

Proceeds from this round of financing will be mainly used for the development of AI technology platforms and the expansion of technical talents.

Founded in 2014, Source Code Capital is a leading China VC focused on the broad TMT sectors and investing in both early-stage start-ups and growth-stage companies. Source Code is focused on the "Big 3" fundamental drivers, which are Internet+, AI+, and Global+, and invests in sectors such as media and entertainment, consumer services, enterprise, finance, retail, transportation, housing, education, and healthcare.

Founded in 1996, DCM Ventures manages ten funds totaling $4.0 billion, and have made investments in more than 400 technology companies across the United States and Asia. With offices in Silicon Valley, Beijing and Tokyo, DCM provides hands-on operational guidance and a vast network of global business and financial resources to its portfolio companies.

View original content to download multimedia: https://www.chinamoneynetwork.com/2020/08/17/source-code-and-dcm-co-lead-new-round-in-chinese-ai-pharmaceutical-firm-galixir