US-China Biotech Company Receives $15M

US-China Biotech Company Receives $15M

The US-China pharmaceutical technology company XtalPi has reportedly received a $15 million investment from Google, Sequoia China and Tencent.

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The US-China pharmaceutical technology company XtalPi has reportedly received a $15 million investment from Google, Sequoia China and Tencent.

The company says that it uses artificial intelligence, quantum mechanics and high-performance cloud computing algorithms to research, develop and discover new drugs. XtalPi has 60 staff members across offices situated in Cambridge, Beijing and Shenzhen.

XtalPi has grown into an elite team of researchers with expertise in the fields of physics, chemistry, drug development, and algorithm design. As they write on their website , their products have received a lot of recognition recently. For example, in 2016, the company won the grand prize in the [email protected] Cloud Startup Contest World Final.
As XtaIPi co-founder and chairman of the board Dr. Shuhao Frank Wen said in a statement quoted by Tech Crunch:

“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.”

According to the media, the start-up has raised a $3.7 million Series A round by Tencent in late 2015. With the new funding, the company has received a total of $20 million from investors. Founded by three Chinese MIT graduates, the company reportedly attracted big funding flow from big companies like Google, Sequoia China and Tencent.
While Google remains blocked in China, they are opening an AI lab in he country and made their Google Translate app available there. As Tech Crunch wrote, this as well as the latest investment in XtalPi signals the company`s wish to remain present on the Chinese market.

It is to be seen how the pharmaceutical technology company will use the money to scale its services.

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