METiS Therapeutics secures $86M in Series A to develop predictive AI platform leveraging machine learning & quantum simulation to develop RNA drugs
(Biospace) METiS Therapeutics, a biopharma company developing AI-driven medicines for patients with serious diseases, announced Tuesday that it has secured $86 million in Series A financing to support a 2022 clinical trial and the further development of its predictive AI platform. It also leverages machine learning and quantum simulation to create small-molecule and Ribonucleic acid (RNA) drugs.
The Cambridge, Massachusetts-based company has developed an artificial intelligence platform designed to optimize pharmaceutical formulation processes. METiS’ technology helps to accelerate the movement of new drugs through the pipeline by optimizing pre-clinical trial operations and enabling users to conduct research and design efficiently.
“METiS is well-positioned to change the drug discovery and delivery landscape with the creation of a proprietary predictive AI platform. We leverage machine learning, AI and quantum simulation to uncover novel drug candidates and to transform drug discovery and development, ultimately bringing the best therapies to patients in need,” METiS Co-founder and CEO Chris Lai said in a statement. “We are fortunate that our world-class roster of investors believes in our vision and today’s news represents the first of many significant milestones that we will be accomplishing throughout the next year.”
Two Chinese investment firms, People’s Insurance Company of China (PICC PE) and China Life Insurance Company, spearheaded the financing round. They were joined by Sequoia Capital China, Lightspeed and 5Y Capital, along with several other institutional investors.
With a platform it believes could benefit other high-potential therapeutics, in-licensing also appears to be a part of METiS’ long-term strategy.
Currently, the company employs 70 individuals in both China and Cambridge. Most of the team is currently located in China, but METiS has plans to expand its U.S. employee base two or even three-fold in 2022 with these new funds.