Exclusive | XtalPi rides on AI to expand into materials science as Tencent-backed pharma firm plans expansion in Shanghai, Hong Kong
- Company aims to apply AI and automation to discovery of new industrial materials, a key strategic priority for China
- The Tencent and Softbank-backed firm plans to expand its Shanghai facilities by ‘several times’ but has no IPO plans, co-founders say
Pharmaceutical technology company XtalPi is expanding its focus beyond the development of medicines into the improvement and discovery of industrial materials, an increasingly critical area of focus for China and other countries around the world.
The unicorn, backed by Tencent Holdings, SoftBank Group and Sequoia Capital among other investors, also plans to expand its presence in Hong Kong and Shanghai to drive its growth, its co-founders told the South China Morning Post.
“We hope to become a new kind of company with an entirely new paradigm that drives pharmaceutical innovation and new-materials discovery,” said Wen Shuhao, co-founder and chairman of XtalPi in an interview.
The Shenzhen-based company is exploring the use of AI, robotics, autonomous labs and quantum physics in the quest to discover new materials. Initially the company is focusing on finding clients who can work with the firm to successfully land related projects or products, the executives said.
“We aim to become an AI and automation-driven industrial platform to help industrial upgrading,” said Ma Jian, co-founder and CEO of XtalPi.