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(Reuters) — Alphabet’s Google, Tencent Holdings, and Sequoia Capital China have joined a $15 million B series funding round for Boston- and Shenzhen-based artificial intelligence (AI) pharmaceutical firm XtalPi.
Sequoia led the round, which brings the startup’s total funding amount to $20 million, XtalPi and Google said in statements on Wednesday.
XtalPi uses AI, cloud computing and quantum physics to improve drug design processes.
The deal is the first co-investment by Google and Tencent since the two companies revealed this month that they have signed a patent sharing agreement, paving the way for cooperation between the two firms.
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Google has recently ramped up investment in the Chinese market where its search engine remains blocked. Last month it announced it had launched a dedicated AI lab in the country.
(Reporting by Cate Cadell; Editing by Himani Sarkar)
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