Capital injection: China backs AI drug makers in self-reliance drive

China’s state-backed investors are stepping up funding for artificial intelligence-driven drug developers as Beijing pushes for technological self-reliance, with at least one company already advancing an AI-designed therapy into late-stage clinical trials. Hangzhou-based METiS TechBio, founded in 2020, raised 400 million yuan in Series D financing in August last year, led by the Beijing Medical and Health Industry Investment Fund and the Daxing Industrial Investment Fund – both government-linked...