XtalPi, a Chinese firm that uses AI for drug discovery, recently raised $318.8 million in a Series C funding round. It was led by Softbank Vision Fund, PICC Capital, and Morningside, with many companies from the banking and technology sectors. Its existing investors include Tencent, China Life, Sequoia China, and SIG.
XtalPi will use the recently raised funds to develop a digital-twin drug R&D system to provide a scalable and sustainable advantage. They will do so by integrating the R&D platform’s predictions with real-world data from modern laboratories to provide a benefit to promising drug candidates with fewer experiments in less time. It also aims to expand its Digital Drug Discovery and Development platform’s capabilities with improved algorithms, more data, and additional computing power.
Founded in 2014 by a small group of quantum physicists at MIT, XtalPi aims to improve drug research and development efficiency and accuracy. Its Intelligent Drug Discovery and Development (ID4) platform uses a combination of quantum physics, artificial intelligence, and high-performance cloud computing algorithms to predict the future of the drug candidates.
XtalPi’s AI platform is undoubtedly an innovative idea and can act as a breakthrough in pharmaceutical industries. More and more enterprises are now adopting Artificial Intelligence in one way or another for their sustainable advancements. XtalPi has collaborated with top pharmaceutical companies like Pfizer and aims to build a strong image of itself in the market for its unique idea of an AI-assisted drug discovery platform. Due to the COVID-19 pandemic, pharmaceutical industries have grown faster due to getting more and more importance, and that’s why companies like XtalPi have attracted huge funds.
Source: https://www.xtalpi.com/en/news/xtalpi_c_round/
Consultant Intern: Currently in her third year of B.Tech from Indian Institute of Technology(IIT), Goa. She is an ML enthusiast and has a keen interest in Data Science. She is a very good learner and tries to be well versed with the latest developments in Artificial Intelligence.
