Tech giant Baidu is in talks with investors to raise $2 billion for biotech startup

A logo of Baidu is seen at the company's headquarters in Beijing, following the novel coronavirus disease (COVID-19) outbreak, China May 18, 2020. REUTERS/Tingshu Wang

Summary List Placement

Chinese tech company Baidu reportedly plans to raise $2 billion for a biotech startup that will use AI to develop drugs and diagnose diseases. 

Baidu came up with the idea for the startup earlier this year and is currently in talks with investors. The company, which offers internet-related services, is unlikely to be the controlling investor in the startup, people with knowledge of the project told Reuters. 

The startup intends to use Baidu’s AI technology to find and develop drugs, as well as diagnose early-stage cancer, anonymous sources told Reuters. 

Baidu founder and chairman, Robin Li, is directly involved in the startup, which does not yet have a name, the sources said.

The tech firm released a tool earlier this year which analyses the structural information of a virus in 27 seconds, a decrease from 55 minutes, which helps to understand the virus and develop vaccines against COVID-19.

The startup discussions come as governments around the world invest in their healthcare systems and scramble for a coronavirus vaccine. 

As biotech companies developing vaccines are put at the centre of the healthcare industry, 12 biotech venture capital investors at some of the most successful companies in the industry, including ARCH Venture Partners and Venrock, told Business Insider which startups are set to take off in the upcoming year. The long list of 21 biotech startups include Datavant, Encoded Therapeutics and Let’sGetChecked to name but a few. From diagnostic tests at home to cell therapy, each one has their own approach.

SEE ALSO: Fauci says it’s ‘unlikely’ there will be a coronavirus vaccine before the US election, despite the CDC asking states to be prepared by November

  He got David Archuleta through ‘American Idol.’ Now he’s helping this Utah singer in the ‘AGT’ finals

SEE ALSO: We could get crucial data on top coronavirus vaccines and treatments this month. Here are the 10 most important events to watch for.

SEE ALSO: We just got promising early data on Russia’s experimental coronavirus vaccine, and now scientists will run a large trial to see if the shot works

Join the conversation about this story »

NOW WATCH: We tested a machine that brews beer at the push of a button

…read more

Source:: Business Insider


(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *