AI chip startup Biren Technology plans to go public in Hong Kong, while Cherami Investment Group has led AI drug discovery firm MindRank’s Series A+ round.
Biren Technology to file for IPO in ‘coming weeks’
Shanghai-based AI chip startup Biren Technology is mulling to go public in Hong Kong this year, Bloomberg reported on Wednesday.
The report said that the firm will file an initial public offering (IPO) application “in the coming weeks”, though details of the first-time share sale, including the size and timeline, could change.
Meanwhile, the firm is also raising a separate round that could rake in about 2 billion yuan ($279 million) in funding, per the report.
Previously, the firm sealed an undisclosed Series B round co-led by state-owned financial conglomerate Ping An, Hong Kong-listed property developer New World Group, and realty major Country Garden’s investment arm Country Garden Venture Capital in March 2021. The Series B round brought the firm’s total funding to over 4.7 billion yuan ($716 million) since its inception in 2019.
MindRank bags $20m in Series A+ round
Hangzhou-headquartered MindRank, a clinical-stage AI drug discovery firm, has secured over $20 million in a Series A+ round led by local investor Cherami Investment Group.
The funding, which also roped in life science- and healthcare-focused investors, will help advance the firm’s proprietary innovative drug pipeline, the firm said in a company release on Tuesday.
Founded in 2020, the firm previously snagged “several hundreds of millions” in a Series A round co-led by Huagai Capital and Green Pine Capital Partners in December 2021.