XtalPi announces the closing of $46 million Series B-1 extension to drive growth and accelerate platform development
CAMBRIDGE, Mass., Oct 24, 2018 – XtalPi Inc, a computation-driven biotech startup integrating quantum physics, artificial intelligence (AI), and cloud computing to empower pharmaceutical research, today announced a Series B-1 extension financing of $46 million to support XtalPi’s continuous market growth and expand the application of its technology into new areas of pharmaceutical research.
The new investment, led by China Life Healthcare Fund and with participation from SIG and Yael Capital, will add to the original Series B round of $15 million closed in January 2018 which was backed by Sequoia China, Google, and Tencent, and will bring XtalPi’s total fund raised to over $66 million.
Building on XtalPi’s current momentum and success, the new financing will fuel the development of AI applications for critical steps of drug research and development (R&D), with an immediate focus on algorithmic tools that expand the searchable chemical space in drug discovery, achieve accurate predictions of key drug properties, and help further accelerate and optimize later stages of drug development. In addition, XtalPi is poised to upgrade its Intelligent Digital Drug Discovery and Development (ID4) platform with industry-leading cloud computing power and data security in order to offer highly customized solutions to meet the particular needs of pharmaceutical companies.
“XtalPi has gained approval and endorsement from pharmaceutical clients as we continue to help them cut cost, time, and risk in pharmaceutical research,” said Shuhao Wen, Co-founder and Chairman of the Board at XtalPi. “For the next step, we want to open our base solution platform to support other developers of drug research and development algorithms. Through this, we will help global pharmaceutical companies connect with a wide range of the latest AI research tools in an easily accessible way, and thereby further improve the efficiency of drug discovery and development.”
About XtalPi Inc.
XtalPi is a pharmaceutical technology company that is reinventing the industry’s approach to drug research and development with its Intelligent Digital Drug Discovery and Development (ID4) platform. With tightly interwoven quantum physics, artificial intelligence, and high-performance cloud computing algorithms, XtalPi’s ID4 platform provides accurate predictions on the physiochemical and pharmaceutical properties of small-molecule candidates for drug design, solid-form selection, and other critical aspects of drug development. XtalPi is dedicated to improving the efficiency, accuracy, and success rate of drug research and development, and contributing to a healthier society worldwide.
Founded in 2014 by a group of quantum physicists at MIT, XtalPi has since built an elite team with multi-disciplinary expertise in physics, chemistry, pharmaceutical R&D, and algorithm design. XtalPi’s cutting-edge technologies, innovative solutions, and diverse applications across the pharmaceutical value chain have helped it gain industry approval and establish strategic partnerships with top international pharmaceutical companies. For more information, visit www.xtalpi.com