StoneWise, a Chinese medtech startup which uses artificial intelligence (AI) technology to develop medicines, has completed its series B and series B+ funding rounds raising $100 million combined. The funding rounds come as the Covid-19 pandemic serves to highlight the role of AI and other cutting-edge technologies in diagnosing and treating diseases.
The series B round was led by Legend Capital, while the series B+ round was co-led by Greater Bay Area Homeland Development Fund and Lightspeed China. Other investors that joined the two rounds include Eastern Bell Capital, GL Ventures and Long Hill Capital, StoneWise said in a WeChat post on Monday.
Beijing-based StoneWise said it will use the proceeds from the two rounds to bankroll its global talent recruitment and widen the use of its AI technology in drug development.
Founded in 2018, StoneWise provides small molecule drug researchers with a smart drug development platform which is powered by technologies including AI algorithms, computational chemistry, pharmaceutical chemistry and computational biology, and enables the medicine development process to be more time-efficient and cost-effective, according to its website.
Contact reporter Ding Yi (firstname.lastname@example.org)