Qiming Venture Partners has led Series B fundraising for Hong Kong-based Insilico Medicine, which hopes to speed up the process of drug development with artificial intelligence.
Insilico Medicine said on Tuesday that it had raised $37 million from a group of investors. Qiming was joined in the round by Lily Asia Ventures, Sinovation Ventures, Baidu Ventures and others.
The Hong Kong government is keen to promote biotechnology and Insilico is capitalising on this enthusiasm. Ever since the Hong Kong Stock Exchange rolled out new regulations to allow unprofitable biotech companies to go public, Hong Kong has become an attractive market for biotech investment.