Qiming leads $37m round for Hong Kong biotech player
Qiming Venture Partners has led a $37 million Series B round for Insilico Medicine, a Hong Kong-based drug development company that uses artificial intelligence (AI).
Lilly Asia Ventures, Sinovation Ventures, Baidu Ventures, Eight Roads, F-Prime Capital, Pavilion Capital, and Bold Capital Partners also contributed. Previous investors include Hong Kong’s Deep Knowledge Ventures.
Insilico was founded in the US in 2014 and relocated its headquarters to Hong Kong earlier this year, citing the importance of the China market. Focus areas include cancer, fibrosis, immunology, and non-alcoholic steatohepatitis, a severe form of liver disease also known as NASH.
The fresh capital will be used to commercialize validated biotechnology projects, build up the senior management team with pharmaceutical industry experience, and support product pipeline development.
"The company is an industry leader in the AI-powered drug discovery vertical,” Nisa Leung, a managing partner of Qiming, said in a statement. “We look forward to seeing it shortening the time for drug discovery and creating synergies with our portfolio companies."
Qiming is an active investor in AI-enabled biotech, with previous investments including China’s New Horizon Health and Beijing Infervision. Last week, the firm led a $30 million round for Humei Technology, a company that uses data to help doctors detect blood clots.
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