Fulmz Technology, the artificial intelligence (AI)-aided drug discovery company, will continue to advance its product pipelines with the fresh proceeds.
AI-aided drug discovery company Fulmz Technology announced its completion of a Series B financing round recently.
This round was co-invested by Xunfei Venture Capital (Chinese: 讯飞创投), Zhengxuan Capital (Chinese: 正轩资本), and the existing investors Panda Capital (Chinese: 熊猫资本) and Challenjers Capital (Chinese: 挑战者创投).
The funding will be used to accelerate the progress of Phase I clinical trial of the core product pipelines, proof of concept (POC), the development of other pre-clinical candidates and the upgrading of the AI-powered drug discovery platform and the work team.
Founded in 2015, Fulmz Technology focuses on using AI technology to improve the efficiency of early development of new drugs through in-depth cooperation with CRO and original pharmaceutical companies.
Fulmz is specialized in the field of central nervous system (CNS), autoimmunity and refractory tumors and aimed to develop differentiated Best-In-Class or First-In-Class pipelines. Drug Studio AI, its self-developed drug development platform, is utilized to solve problems related to drug tissue targeting and high selectivity.
Fulmz so far has built 10 pipelines via Drug Studio AI platform. Four of them have been licensed-out in the early drug discovery phase. FZ002 for the treatment of chronic pain was submitted for IND (Investigational New Drug) application in both China and the US in April this year. In addition, according to Dr. Deng Daiguo, the founder and CEO of Fulmz, the IND applications of another two candidates are also expected to be submitted this year.
Fulmz’s competitors include Insilico Medicine, AtomWise and XtalPi.