Xellar Biosystems, an artificial intelligence (AI) biotech firm that combines machine learning and AI with large-scale wet-lab experiments, has secured 100 million yuan ($14 million) in its angel+ funding round led by Chinese pharmaceutical R&D services provider TriApex Laboratories.
The round saw participation from local investment firms including Zhengxuan Investment and Tiantu Capital, according to a company release on July 17. Return backers Yael Capital and Legend Capital, affiliated with Legend Holdings, also re-upped in the round.
Founded in 2021 in Boston, Massachusetts, Xellar challenges the traditional drug discovery and development process, which often relies on simplified models and reductionistic tools to discover and test new drugs.
The proceeds will help the Cambridge, Massachusetts-headquartered firm to accelerate the development of its AI-driven organ-on-chip platform, per the release.
Previously, the firm raised $10 million in an angel round in August 2022 from Yael Capital, Legend Capital, and ZhenFund.
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DealStreetAsia has also compiled a table listing all prominent venture capital transactions in Greater China from July 15 –21, 2024.
