Week In Review: Insilico Closes $255 Million Round For AI Drug Discovery/Development

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Deals and Financings

  • Insilico Medicine, a Hong Kong company devoted to using AI to speed up drug discovery and R&D, closed a $255 million Series C round led by Warburg Pincus (see story). Insilico has said its platforms identified a completely novel target for idiopathic pulmonary fibrosis and designed a novel molecule in 18 months for only $2 million. The company is developing its own products and has also formed discovery/development partnerships with well-known pharmas. Several of these programs have reached major milestones, Insilico said.  
  • Jointech, a Hangzhou medical device company, has raised $62 million over the last 15 months to support its orthopedic surgery robot business (see story). The latest funding, a C round worth at least $32 million, was led by Lyfe Capital. The company's surgical robot for total hip replacement is under China special review for innovative medical instruments and is expected to become the first domestic joint replacement surgical robot approved in China. Jointech is also developing a knee replacement robot and other surgical robots.  
  • Triastek of Nanjing completed a $50 million Series B financing to advance its 3D printed pharmaceutical technology (see story). The company has the first drug candidate from its portfolio in clinical trials and is developing the new manufacturing technology for general use. Triastek says Melt Extrusion Deposition (MED®) 3D printing is an additive manufacturing process that precisely deposits each layer of melted excipients, APIs, and their mixture materials. It produces a drug delivery system with well-designed geometric structures. The round was co-led by Matrix Partners China and CPE.  
  • Hangzhou MindRank AI completed a $7 million angel found from Sherpa Medical Fund to develop its AI-based drug development technology (see story). In 2018, MindRank was formed in London, where several prominent AI-drug development companies are located. In late 2020, MindRank moved to Hangzhou to bring its one-stop AI drug research and development technology to China. It plans to ramp up its commercialization cooperation and pipeline development as quickly as possible. Proceeds from this round will be used for team building, business expansion, and pipeline development.  
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