Friday, January 3, 2025

Artificial intelligence is exploding in biotech and healthcare, and we take stock of the 'AIxHealth' startups that will get big funding in 2024.(2)

Lianying Intelligence: On December 21, 2024, Lianying Medical proposed to invest in Lianying Intelligence with its own funds at a transaction price of RMB 28,487,200, acquiring 0.2849% of the shareholding after the capital increase. The total size of this financing is RMB1 billion, with a pre-investment valuation of RMB9 billion and a post-investment valuation of RMB10 billion. The company can provide multi-scene, multi-disease, full-process, integrated intelligent solutions, technology used in medical image analysis and other fields, has launched more than 100 medical AI products, unaudited total assets of 268 million yuan as of September 30, 2024, the shareholders' equity of -504 million yuan, the first three quarters of 2024 to achieve revenue of 166 million yuan, net profit of -82.9218 million yuan. million dollars. Approved 22 NMPA Class II licenses, 12 NMPA Class III licenses, 15 applications approved for FDA clearance, 13 applications approved for CE marking.

Chai Discovery: Founded in March 2024, Chai Discovery has raised nearly $30 million from Thrive Capital, OpenAI and others, and plans to use it to fully integrate AI macromodeling into biomedical R&D. The company develops state-of-the-art AI-based macromodels that predict the structure of biochemical molecules and reprogram their interactions. The company's co-founder and CEO, Joshua Mayer, previously served as Chief AI Technology Officer at Absci Corp. and briefly as a technical researcher at Meta Platforms Inc. and ChatGPT developer OpenAI. On September 10, 2024, the company released Chai-1, the first open-source molecular structure model.

CytoReason: On July 23, 2024, CytoReason announced the closing of a new $80 million funding round with participation from NVIDIA, Pfizer, Thermo Fisher Scientific, and venture capital firm OurCrowd, with plans to use the funds to expand the use of its AI disease models to more diseases. The company has raised more than $130 million in funding, most recently a $20 million equity round from Pfizer. This is NVIDIA's fourth investment in an AI pharmaceutical company this year and its 13th investment in an AI pharmaceutical company overall, and Pfizer's second investment in CytoReason, with the two companies having worked together for five years.

Xunfei Medical: Listed on the Hong Kong Stock Exchange on December 30, 2024, 7,035,550 shares were issued at an issue price of HK$82.8, raising a total of HK$583 million. KDDI is the controlling shareholder. Revenue for the first half of 2024 was RMB229 million, an increase of 17% over the same period of last year; gross profit was RMB121 million; gross profit margin was 52.9%; and loss for the period was RMB134 million. The product system covers the entire medical and healthcare application scenarios, providing technical products and solutions for all medical scenarios. Smart Medical Assistant is the world's first and only intelligent solution to pass the National Licensing Examination for Medical Practitioners (Comprehensive Written Examination), and its StarFire Medical Model is based on more than 300 medical scenarios, and its Natural Language Processing (NLP) tasks in six dimensions of medical scenarios, such as expert medical knowledge mapping quiz, surpass the GPT in dimension, and are the only ones to pass the GPT, and are also the only ones to pass the GPT. It surpasses GPT in six dimensions of medical scenarios, including expert-level medical knowledge mapping Q&A, and is the only company involved in customizing the technology evaluation system and standard specifications for large-scale language models used in the medical field.

RevolKa: Launched a rare disease drug discovery program on July 30, 2024, with a number of drug candidates in the program having completed active in vitro proof of concept.Announced in July 2024 that it had secured ¥100 million ($700,000) in funding and closed an expanded Series A funding round of ¥250 million ($1.7 million), co-led by D3 LLC and DEEPCORE Inc. The company's core technology, aiProtein®, is a targeted protein evolution technology that, when combined with AI, is expected to create high-performance proteins that go beyond natural evolution.

Noetik: 2024 Noetik, an artificial intelligence biotechnology company using self-supervised machine learning and high-throughput spatial data to develop next-generation cancer therapies, announced the closing of an oversubscribed $40 million Series A financing. The financing was led by Polaris Partners and Managing Partner Amy Schulman, with participation from new investors Khosla Ventures, Wittington Ventures and Breakout Ventures. All existing investors DCVC, Zetta Venture Partners, Catalio Capital Management, 11.2 Capital, Epic Ventures, Intermountain Ventures and North South Ventures participated in the round. Noetik has developed a cancer biology model called the Oncology Counterffact Therapeutics Oracle (OCTO) based on 1,000 tumor samples from non-small cell lung cancer patients. Training data includes multiple protein stains, spatial gene expression, DNA sequencing, and structural markers (e.g., H&E) from each sample. These data capture complex molecular drivers and tumor-immune interactions at multiple scales and in hundreds of millions of cells.

PreciseDx: The Innovation Leader in Oncology Diagnostics 2024 PreciseDx announced that it has successfully closed a $20.7 million Series B financing round, bringing its total funding to $31.5 million. The round was led by Eventide Asset Management, which focuses on backing biotechnology and life science healthcare companies addressing significant clinical needs.

Guardoc Health: 2024 Guardoc Health, an artificial intelligence platform for nurses based in Tel Aviv, Israel, has raised $3 million in seed funding. The round was led by Pitango, with participation from Bertelsmann Investments, Springbank and Fresh.fund.Guardoc Health , an AI-powered SaaS solution that integrates with electronic medical records to identify errors in real-time clinical charts, discrepancies and gaps in real-time clinical charts. This integration helps improve the quality of patient care by correcting and minimizing risks in a timely manner.

Mizuki Molecule: Incubated by the Academy of Intelligent Industry Research (AIR) of Tsinghua University in 2024, Mizuki Molecule is led by Prof. Guo Qiang of Tsinghua University and Prof. Zaiqing Nie, Principal Investigator of AIR, who serves as Chief Scientist. The company focuses on the development of fundamental biomedical macromodels and a new generation of conversational biomedical R&D assistants. 2024 Beijing Shui Mu Molecular Bio-Tech Co., Ltd. has successfully raised nearly RMB 100 million to advance its core biomedical projects. The financing included angel and seed rounds, with the angel round led by Huashan Capital, with active participation from Daotong Investment and Xunfei Venture Capital; and the seed round supported by Qingzhi Capital.

Conjecture Medical: According to sources, the company is expected to be profitable by 2025. The company's products have covered about 30 countries around the world, and its core product, an AI-assisted diagnostic system for lung nodules, had been deployed online in 80 hospitals across the country. In recent years, the company has expanded the diagnostic scenarios of AI from lung to the whole brain, heart, and trauma diseases, and initiated research and development of surgery-related products.

Digital Quintessence: According to sources, it is expected to be profitable by 2025. It has obtained 14 Class III medical device certificates, 2 US FDA and 4 EU CE certificates in China, covering more than 3,000 medical institutions and more than 90% of the TOP 100 hospitals. Since 2023, it has provided health management services based on digital human body platform with Changping District in Beijing and Wuzhong District in Suzhou. Taking the "Digital Human Body" cardiopulmonary intelligent health management service program in Changping as an example, through the artificial intelligence-assisted diagnostic technology provided by the program, residents can get a risk assessment report of various diseases just by taking a chest CT scan. Over the past year, the program has been implemented in nine hospitals in Changping, with a cumulative total of more than 45,000 screenings.


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