Aramco’s VC arm leads $35m round of Hong Kong biotech firm

Insilico Medicine, a Hong Kong-based biotechnology firm, has raised US$35 million in a series D2 funding round led by Prosperity7 Ventures, the diversified growth fund of Aramco Ventures. The round also saw participation from Warburg Pincus, B Capital Group, and Qiming Venture Partners.

The deal brought the total amount raised in the series D round to US$95 million.

Insilico Medicine team / Photo credit: Insilico Medicine

Founded in 2014, Insilico Medicine uses AI to discover and develop drugs for cancer, fibrosis, central nervous system diseases, and aging-related diseases. Its projects include 3CL protease inhibitors for Covid-19 treatment and a program targeting fibrosis.

Earlier this year, the firm signed partnerships with major pharmaceutical companies Fosun Pharma and EQRx.

The company plans to use the fresh funding to continue the advancement of its projects, launch a robotic drug discovery laboratory, and establish regional centers. It also wants to tap into sustainable agriculture and chemistry as well as green energy sectors.

Insilico Medicine was established by serial entrepreneur Alex Zhavoronkov, who also serves as its CEO. In June, it raised US$60 million in its series D1 funding round and promoted chief strategy officer Feng Ren to co-CEO.

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Other investors in the latest funding round include:

• BHR Partners
• Deerfield
• Wilson Sonsini Goodrich & Rosati
• Bold Capital Partners
• Pavilion Capital
• Insilico Medicine founder Alex Zhavoronkov