XtalPi Raises $318.8M in Series C Round

According to VCBeat, on September 26, 2020, XtalPi, an artificial intelligence (AI) drug R&D company driven by digitalization and intelligence, announced an oversubscribed Series C financing of US$318.8 million, creating the highest financing amount in the field of AI drug R&D in the world. 

The fresh round was co-led by SoftBank Vision Fund 2i, PICC Capital, and Morningside. Existing investors also participated, including Tencent, Sequoia China, China Life, and SIG. Other investors include ZhenFund, Frees Fund, Google, China Life and Renren.com.

Proceeds from this round will be used to further develop the AI drug R&D system, build a new AI-driven drug R&D infrastructure from the three dimensions of computing power, algorithm and data, and serve global pharmaceutical and biotechnology companies to meet the urgent demand in the industry.

XtalPi is a pharmaceutical technology company that is reinventing the industry’s approach to drug research and development with its Intelligent Digital Drug Discovery and Development (ID4) platform.

With tightly interwoven quantum physics, artificial intelligence, and high-performance cloud computing algorithms, XtalPi's ID4 platform provides accurate predictions on the physicochemical and pharmaceutical properties of small-molecule candidates for drug design, solid-form selection, and other critical aspects of drug development. 

Founded in 2014 by a group of quantum physicists at MIT, XtalPi has since built an elite team with multi-disciplinary expertise in physics, chemistry, pharmaceutical R&D, and algorithm design. Headquartered in Shenzhen and with branches in Beijing, Shanghai and Boston, XtalPi has provided drug R&D services to more than 40 leading pharmaceutical companies from the United States, Europe, China and Japan.

As SoftBank's investment vehicle, SoftBank Vision Fund invests in emerging technologies like artificial intelligence, robotics, and the internet of things. It also invests in companies to revolutionize real estate, transportation, and retail.

PICC Capital is a privately owned investment manager of PICC Group and the first asset manager in China's insurance industry that specializes in alternative investment. PICC Capital takes a major role in strategic asset allocation and strategic resource acquisition for PICC Group.