# XtalPi
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{{Short description|Chinese biotechnology company}}
{{Use dmy dates|date=February 2025}}
{{Infobox company
| name = XtalPi Holdings Limited
| trading_name =
| native_name = 晶泰控股有限公司
| logo = XtalPi.png
| image =
| image_caption =
| former_name = QuantumPharm
| type = [Public](/source/Public_company)
| traded_as = {{HKEX|2228}}
| foundation = {{start date and age|2015}}
| industry = {{UBL|[Biotechnology](/source/Biotechnology)|[Material science](/source/Materials_science)|[Artificial intelligence](/source/Artificial_intelligence)}}
| location = [Shenzhen](/source/Shenzhen), [Guangdong](/source/Guangdong), China
| founders = {{UBL|[Wen Shuhao](/source/Wen_Shuhao)|Ma Jian|Lai Lipeng}}
| key_people = {{UBL|Wen Shuhao (Chairman)|Ma Jian (CEO)|[Maria Belvisi](/source/Maria_Belvisi) ([CSO](/source/Chief_scientific_officer), Ailux)}}
| products =
| revenue = {{Increase}} {{CNY|link=yes|174.42 million}} (2023)
| net_income = {{Decrease}} {{CNY|link=yes|-1.91 billion}} (2023)
| assets = {{Decrease}} {{CNY|link=yes|4.01 billion}} (2023)
| equity = {{Decrease}} {{CNY|link=yes|-7.42 billion}} (2023)
| num_employees = 783 (2023)
| homepage = {{Official URL}}
| footnotes =[{{cite web |title=Offering document |url=https://ir.xtalpi.com/media/hmtn0mw1/2024060400065.pdf |website=XtalPi |access-date=20 February 2025 |archive-date=20 February 2025 |archive-url=https://web.archive.org/web/20250220071359/https://ir.xtalpi.com/media/hmtn0mw1/2024060400065.pdf |url-status=live }}]
}}
'''XtalPi Holdings Limited''' (XtalPi; {{Lang-zh|c=|p=Jīngtài Kējì|s=晶泰科技}}) is a [publicly listed](/source/publicly_listed) Chinese [biotechnology](/source/biotechnology) company that engages in [research and development](/source/research_and_development) for early-stage [drug discovery](/source/drug_discovery) and [material science](/source/Materials_science) through methods backed by [artificial intelligence](/source/artificial_intelligence) (AI).
== History ==
In 2015, XtalPi was founded in China by [Wen Shuhao](/source/Wen_Shuhao), Ma Jian and Lai Lipeng. The three co-founders are [quantum physicist](/source/quantum_physicist)s who previously worked as [postdoctoral researcher](/source/postdoctoral_researcher)s at the [Massachusetts Institute of Technology](/source/Massachusetts_Institute_of_Technology). The companies applied [quantum algorithm](/source/quantum_algorithm)s to drug development. At the time it was one of the very few AI drug discovery companies in Asia which quickly drew investor interest. XtalPi claimed to be the world's most well-funded startup in the space with its investors including [Tencent](/source/Tencent), [5Y Capital](/source/5Y_Capital), [Google](/source/Google), [Susquehanna International Group](/source/Susquehanna_International_Group), [Sino Biopharmaceutical](/source/Sino_Biopharmaceutical_Limited) and [SoftBank Vision Fund](/source/SoftBank_Vision_Fund).[{{Cite web |last=Lee |first=Zinnia |date=25 January 2025 |title=This Chinese MIT Physicist Uses AI To Find New Drugs. Next Up: Solar Panels And EV Batteries |url=https://www.forbes.com/sites/zinnialee/2025/01/28/this-chinese-mit-physicist-uses-ai-to-find-new-drugs-next-up-solar-panels-and-ev-batteries/ |access-date=20 February 2025 |website=Forbes |language=en |archive-date=4 February 2025 |archive-url=https://web.archive.org/web/20250204215052/https://www.forbes.com/sites/zinnialee/2025/01/28/this-chinese-mit-physicist-uses-ai-to-find-new-drugs-next-up-solar-panels-and-ev-batteries/ |url-status=live }}][{{Cite news |last=Rosenbush |first=Steven |date=16 March 2020 |title=In Race to Treat Coronavirus, AI Is Seen as Key |url=https://www.wsj.com/articles/in-race-to-treat-coronavirus-ai-is-seen-as-key-11584351000 |access-date=20 February 2025 |work=Wall Street Journal |language=en-US |issn=0099-9660 |archive-date=20 February 2025 |archive-url=https://web.archive.org/web/20250220093206/https://www.wsj.com/articles/in-race-to-treat-coronavirus-ai-is-seen-as-key-11584351000 |url-status=live }}]
In 2022, after working with pharmaceutical companies like [Eli Lilly](/source/Eli_Lilly), [Johnson & Johnson](/source/Johnson_%26_Johnson) and [Merck & Co.](/source/Merck_%26_Co.), XtalPi looked towards expanding into material science where it could apply its services. Most notably [solar panel](/source/solar_panel)s and [electric vehicle batteries](/source/electric_vehicle_batteries).[{{Cite web |last=Ouyang |first=Iris |date=24 January 2023 |title=Exclusive {{!}} Chinese pharma firm uses AI to find new industrial materials |url=https://www.scmp.com/business/china-business/article/3207587/xtalpi-rides-ai-expand-materials-science-tencent-backed-pharma-firm-plans-expansion-shanghai-hong |access-date=20 February 2025 |website=South China Morning Post |language=en |archive-date=20 February 2025 |archive-url=https://web.archive.org/web/20250220094022/https://www.scmp.com/business/china-business/article/3207587/xtalpi-rides-ai-expand-materials-science-tencent-backed-pharma-firm-plans-expansion-shanghai-hong |url-status=live }}]
In June 2024, XtalPi helds its [initial public offering](/source/initial_public_offering) and became a listed company on the [Hong Kong Stock Exchange](/source/Hong_Kong_Stock_Exchange).The offering raised HK$989.3 million ($126.7 million) and on the first day of trading, the shares rose 9.8%. XtalPi was the first company to go public under the 18C rule for specialist technology companies with smaller market cap and lower revenue.[{{Cite web |last=Lee |first=Zinnia |date=13 June 2024 |title=Tencent-Backed AI Drug Discovery Startup Xtalpi Rises In Hong Kong Debut |url=https://www.forbes.com/sites/zinnialee/2024/06/13/tencent-backed-ai-drug-discovery-startup-xtalpi-rises-in-hong-kong-debut/ |access-date=20 February 2025 |website=Forbes |language=en}}]
In February 2025, XtalPi announced it will raise HK$2.08 billion ($267 million) through a share placement. It also stated that one of its subsidiaries will work with [Hengjian Holding](/source/Hengjian_Holding) to gear up the company's "AI+ Technology and Industry Integration Innovation Consortium Project" in the [Greater Bay Area](/source/Greater_Bay_Area).[{{Cite web |last=Yu |first=Teri |date=20 February 2025 |title=NEWS WRAP: Surging Xtalpi seizes on tech rally to raise $267 million |url=https://thebambooworks.com/surging-xtalpi-seizes-on-tech-rally-to-raise-267-million/ |access-date=20 February 2025 |website=Bamboo Works |language=en-GB |archive-date=20 February 2025 |archive-url=https://web.archive.org/web/20250220083804/https://thebambooworks.com/surging-xtalpi-seizes-on-tech-rally-to-raise-267-million/ |url-status=live }}]
In April 2025 during [CCP General Secretary](/source/General_Secretary_of_the_Chinese_Communist_Party) [Xi Jinping](/source/Xi_Jinping)'s visit to Shanghai, XtalPi held a meeting with him to present its commitment to scientific and technological self-reliance.[{{Cite web |last=Feng |first=Coco |date=2025-04-30 |title=Chinese AI and robotics start-ups respond to Xi’s self-reliance call |url=https://www.scmp.com/tech/policy/article/3308523/chinese-ai-and-robotics-start-ups-agibot-xtalpi-respond-xis-self-reliance-call |access-date=2025-05-29 |website=South China Morning Post |language=en}}]
In August 2025, XtalPi announced it signed a US$6 billion deal with DoveTree, a firm established by [Gregory L. Verdine](/source/Gregory_L._Verdine).[{{Cite web |last=Ng |first=Eric |date=2025-08-06 |title=Chinese drug developer XTalPi surges on US$6 billion deal |url=https://www.scmp.com/business/article/3320904/chinas-ai-powered-drug-firm-xtalpi-surges-us6-billion-deal-harvard-entrepreneur |access-date=2025-08-07 |website=South China Morning Post |language=en}}]
On 10 April 2026, Ailux, the AI-biotech subsidiary of XtalPi, appointed [Maria Belvisi](/source/Maria_Belvisi) as its Chief Scientific Officer.[{{cite web |title=Ailux Appoints Maria Belvisi, Ph.D., as Chief Scientific Officer |url=https://www.prnewswire.com/news-releases/ailux-appoints-maria-belvisi-phd-as-chief-scientific-officer-302738847.html |website=PR Newswire |access-date=10 April 2026 |language=en}}]
== Business operations ==
=== Drugs ===
XtalPi uses quantum algorithms to calculate [molecular structures](/source/molecular_structures) and the resulting datasets are used for [machine learning](/source/machine_learning) to train its own self developed AI [large language model](/source/large_language_model)s. The AI models then screen through billions of molecules and generates ones that could potentially be made into new drugs. The selected ones are later tested in XtalPi's robotic labs in China and the US.[{{Cite web |date=19 January 2025 |title=AI-driven drug discovery aided by Greater Bay Area integration, firm says |url=https://www.scmp.com/tech/tech-trends/article/3295312/ai-driven-drug-discovery-aided-greater-bay-area-integration-hong-kong-listed-firm-says |access-date=20 February 2025 |website=South China Morning Post |language=en |archive-date=20 February 2025 |archive-url=https://web.archive.org/web/20250220093727/https://www.scmp.com/tech/tech-trends/article/3295312/ai-driven-drug-discovery-aided-greater-bay-area-integration-hong-kong-listed-firm-says |url-status=live }}]
XtalPi doesn't develop its own drugs from start to finish and instead provides its services to pharmaceutical companies to speed up their drug discovery processes. This business method allows it to focus on improving its technology, rather than taking risk in [human trial](/source/human_trial)s. While the profitability is less than being a drug maker directly, the company's technical infrastructure continues to attract clients.