AI-driven drug delivery and discovery firm METiS Pharmaceuticals has secured $100 million in its Series C funding round led by CICC Capital, according to a company release on Saturday.
The round roped in Taiping Hong Kong Insurance Innovation and Technology Venture Fund, under Hong Kong-listed insurer China Taiping Insurance Group, per the release. The proceeds have brought the firm’s total raised capital to $300 million. The firm will use the proceeds to advance its AI-driven drug delivery and discovery platform.
Founded in 2020, METiS Pharmaceuticals has over 10 drug pipelines, including small molecule drugs and mRNA-based nucleic acid drugs. METiS has offices in Hangzhou, Beijing, and Boston, USA.
The firm counts Chinese blue-chip investors HongShan (previously Sequoia Capital China); Source Code Capital; and Monolith Management, among its backers.
Though a late-comer, China has emerged at the centre of global development in AI-driven drug discovery thanks to favourable government policies, the proliferation of biotech infrastructure, and investment from internet giants including the likes of Tencent, Baidu, and ByteDance.
Although some of China’s leading upstarts have secured funding from top global investors and marked significant breakthroughs, the industry also faces many challenges including the long road to profitability, the availability of talent, and the escalating China-US political tension.
Recently, Shenzhen-headquartered QuantumPharm, also known as XtalPi, became the first artificial intelligence (AI)–powered drug and new material discovery company listed in Hong Kong via the city’s Chapter 18C, a new listing regime effective in March 2023 for pre-revenue specialist technology companies worth at least HK$10 billion ($1.3 billion) to go public in the city’s bourse. The IPO raised gross proceeds of approximately HK$989.3 million (US$126.7 million) pre-greenshoe.
Meanwhile, Insilico Medicine, a Hong Kong- and Boston, US-headquartered AI drug discovery company backed by investors like Qiming Venture Partners, is also heading towards a Hong Kong IPO, reportedly targeting $200 million, after it put aside a US listing plan.
CHINA DEAL MONITOR
DealStreetAsia has also compiled a table listing all prominent venture capital transactions in Greater China from June 17 –23, 2024.
