Baidu to raise $2 billion with investors for a biotech startup

Baidu to raise $2 billion with investors for a biotech startup

On Wednesday, Baidu (BIDU.O) and its investors reported that it would raise $2 billion over three years for a biotech startup.

The Chinese multinational technology company said that it would use Artificial Intelligence (AI) technology to discover new drugs and diagnose diseases.

WeDoctor (0700.HK), Alibaba’s (BABA.N) healthcare arm, and Ping An Good Doctor (1833.HK) said that it would join Baidu to develop applications that could offer diagnosis, prescriptions, appointment bookings, one-hour drug delivery, and health insurance.

Baidu said that the project would focus more on drug discovery and development, early tumor diagnosis, and mobilizing its powerful AI technology that could perform complex computing to produce biological innovations.

According to a reliable source, Baidu’s Founder and Chairman Robin Li had been personally involved in the project. However, the name of the startup has yet to be decided.

Baidu’s shares were down by 3.7% in premarket trading.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?