Deep Intelligent Pharma (DIP), a Chinese startup that offers artificial intelligence (AI) and blockchain technology for drug development, has raised US$15 million in Series B funding from Sequoia Capital China, according to reports.
Leveraging the AI technology, Beijing-based DIP provides new drug research and development services for pharmaceutical companies, offering services to help its clients accelerate drug discovery and development.
Its end-to-end, AI-driven platform enables pharmaceutical companies to move compounds from the lab to the marketing stage with great quality, according to information posted on the firm’s website.
One of its main products is “Medical Translations,” a multi-language medical machine translation engine equipped with Natural Language Processing (NLP) technology. It also offers the medical content generation and publication service, “A.I.M medical”, which helps to create multilingual educational materials and publications.
DIP was founded in 2017 by Li Xing, who has 11 years of experience in new drug development, including with pharmaceutical companies Pfizer, Sanofi, and Johnson & Johnson.
In an interview, Li told Chinese tech media site 36Kr that the fresh capital will be mainly used for research and development of AI-powered drug development technology.
Li said the company currently has over 50 corporate clients, including multinational pharmaceutical companies and top domestic pharmaceutical firms. It runs with a team of about 100, with AI talents and new drug R&D professionals each accounting for half.
According to Crunchbase data, DIP raised US$6.6 million in its Series A funding round from Chinese venture capital Zhen Fund, which also participated in an undisclosed Seed round in the company in 2017.
This article appeared in the Hong Kong Economic Journal on Oct 10
Translation by Ben Ng with additional reporting
[Chinese version 中文版]
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