(Yicai Global) Aug. 4 -- Galixir, a Chinese startup creating an artificial intelligence  platform to speed up development of new drugs, has concluded another financing round, The Paper reported.

The round was led by Shanghai Artificial Intelligence Industry Investment Fund, followed by six early-stage investors including Gaorong Capital, the report said today, citing the Shenzhen-based company. The amount raised was not revealed.

Galixir secured angel investor funding in November 2019, and completed Pre-A, A and A plus financing rounds last year.

The company will use the latest investment in multiple drug development projects and to expand its talent pipeline, the report said.

Using its AI platform, Galixir aims to reduce the pre-clinical development phase for new drugs to 12 months or less from the normal four to seven years. Li Chengtao, who set up the firm in 2019, has a doctorate degree in computer science from the Massachusetts Institute of Technology.

Galixir is working with pharmaceutical multinationals and research institutions in China to advance the development of drugs for central nervous system diseases, autoimmune illnesses, tumors and respiratory diseases.

Editor: Tom Litting