StoneWise Closes on $10M Series A+ Funding Round

According to VCBeat, Beijing-based Stonewise Technology Co., Ltd ("StoneWise"), a platform that uses artificial intelligence (AI) for drug development, has completed its Series A+ financing worth tens of millions of dollars, with participation from GL Ventures and the existing investor Linear Venture. MX Capital served as the financial adviser in the latest round. 

Proceeds from this round will be used to optimize the combination and innovation of AI technology and drug discovery, build a world-leading drug R&D platform and an experienced talent team, and expand the strategic cooperation and business at home and abroad.

Since its establishment, StoneWise has raised three rounds of financing, namely the angel round from SIG at the end of 2018, the Series A round invested by Long Hill Capital and Linear Capital in March 2020, and the Series A+ round this time.

StoneWise, founded in 2018, is a technology company committed to accelerating novel drug discovery with artificial intelligence. The company intends to use AI technology and innovation to lead a paradigm shift in drug discovery for the pharmaceutical industry. StoneWise aims to replace the previous single-engine drug R&D focusing on experts based model with the new twin-engine drug R&D model with advanced AI technology and expert system.

StoneWise's platform is designed by cutting-edge technologies such as artificial intelligence and microfluidics, integrated with computational chemistry, computational biology, pharmacology and clinical medicine. The platform provides pharmaceutical companies with integrated solutions to enhance the efficiency and success rate of early-stage drug discovery, including a vast range of tools such as medical knowledge graph, the discovery of privileged scaffolds, molecular generation and design, as well as predicting reaction products and planning path synthesis. 

Based on advanced technologies and an excellent pharmaceutical R&D team, StoneWise has cooperated with multiple listed companies and top scientific research institutes at home and abroad, providing them with project evaluation, drug design and project management during the entire process, covering first-in-class, fast-follow, and me-better drugs.

GL Ventures was set up by private equity heavyweight Hillhouse Capital to invest in emerging startups in February 2020. GL Ventures focuses on four areas: biomedicine and medical devices, software services and initiatives in tech innovations, consumer internet and technology, and emerging consumer brands and services.

Linear Venture was founded by Jingdong, Lynx former executives and early Facebook employees Chuan Wang Huai, attention Pan smart, technology-driven big data early in the project area.