Baidu wants $2 billion to groom a biotech startup
Chinese tech giant and search engine Baidu is raising $2 billion over the next three years to launch a new biotech startup, Reuters reported, citing sources with direct knowledge of the plans.
Baidu, known as the “Google of China,” is courting investors to chip in on the new venture, which will focus on new drug discovery and early-stage disease diagnosis with the help of AI and computing technology. The idea for a new startup began as early as six months ago, and co-founder and CEO Robin Li has been directly involved in the project, sources said.
However, Baidu is unlikely going to be a controlling investor, and the startup is expected to be a separate entity rather than a subsidiary of Baidu, according to CNBC.
Like Alibaba and Tencent, Baidu has been dabbling in China’s health care space in recent years. In January, the company gave away its RNA prediction algorithm, LinearFold, for free to help scientists profile the novel coronavirus and develop vaccines. In March, Baidu launched subsidiary Baidu Health to sell medical equipment, disinfectants, cosmetics, and technology solutions, Chinese media website Sina.com reported.
Baidu, known as the “Google of China,” is courting investors to chip in on the new venture, which will focus on new drug discovery and early-stage disease diagnosis with the help of AI and computing technology. The idea for a new startup began as early as six months ago, and co-founder and CEO Robin Li has been directly involved in the project, sources said.
However, Baidu is unlikely going to be a controlling investor, and the startup is expected to be a separate entity rather than a subsidiary of Baidu, according to CNBC.
Like Alibaba and Tencent, Baidu has been dabbling in China’s health care space in recent years. In January, the company gave away its RNA prediction algorithm, LinearFold, for free to help scientists profile the novel coronavirus and develop vaccines. In March, Baidu launched subsidiary Baidu Health to sell medical equipment, disinfectants, cosmetics, and technology solutions, Chinese media website Sina.com reported.
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