METiS TechBio’s blockbuster IPO signals rising investor interest in AI startups focused on how drugs are delivered inside the body
Updated
May 14, 2026 3:02 PM
HIV-1 virus particles, coloured red. PHOTO: UNSPLASH
Investors are beginning to place bigger bets on AI startups focused on drug delivery infrastructure rather than drug discovery alone. That shift was on display this week after METiS TechBio, a Hong Kong tech-bio startup focused on AI-powered drug delivery systems, debuted on the Hong Kong Stock Exchange.
The listing made METiS TechBio the world’s first publicly traded AI-powered drug delivery startup and the first AI-powered large-molecule biopharmaceutical startup listed in Hong Kong. The startup raised more than HKD 2.1 billion through its IPO, making it the largest healthcare listing in Hong Kong so far in 2026.
Investor demand was unusually strong. The Hong Kong public offering was oversubscribed by more than 6,900 times while the international tranche recorded 82 times oversubscription. More than 280 institutional investors participated in the international placing.
The strong demand reflects a wider shift in AI biotech. Over the past few years, much of the sector’s attention has focused on using AI to discover new drugs or molecules. METiS is taking a different approach. The startup focuses on how medicines are delivered inside the body after they are developed.
That challenge is becoming harder to ignore in biotech. Designing a therapy is only one part of the process. Delivering it precisely to specific organs, tissues or cells remains a major hurdle, especially for newer therapies involving RNA, proteins and large-molecule drugs.
METiS is trying to solve that problem through its proprietary NanoForge platform. The system uses AI to design and test nanodelivery systems that help medicines reach targeted areas inside the body more efficiently. The platform combines AI models, simulation systems and high-throughput screening tools to speed up formulation development and improve delivery precision.
The startup says it has already achieved targeted delivery across eight organs and tissue systems including the liver, lungs, heart, muscles and central nervous system.
One of its lead programs, MTS-004, became China’s first AI-enabled formulation drug to complete a Phase III clinical trial. The drug is being developed for pseudobulbar affect, a neurological condition that affects emotional expression. According to the startup, AI tools helped reduce preclinical formulation development time from up to two years to less than three months.
Investor interest in the IPO also came from some of the world’s largest asset managers and healthcare funds. BlackRock led the cornerstone investments with a USD 50 million subscription. Other participating investors included UBS Asset Management Singapore, Mirae Asset, ORIX Corporation, Deerfield, RTW, Hillhouse Capital and IDG Capital.
METiS is also building what it describes as a “platform collaboration + product partnership” business model. The startup currently works with more than 30 pharmaceutical and biotechnology partners globally, including large pharmaceutical companies and medical research institutions.
The company reported RMB 105 million in revenue in 2025, largely tied to upfront payments connected to its MTS-004 partnership agreements. It also said some platform collaboration contracts could reach milestone values of up to USD 109 million.
Chris Lai said: "The future of biomedicine will no longer be simply about 'taking medicine when one falls ill.' METiS TechBio's ambition is to harness AI to build nano-rockets that can navigate with precision through the inner space of the human body's 30 trillion cells, write the code of nucleic acids and proteins into cells, and reprogram diseased and aging cells into healthy cells. This was our founding aspiration, and it is the mission to which we will dedicate our lives. The IPO marks a new starting point for us to accelerate forward, and we will strive to live up to the support and trust we have received from all sectors."
The IPO also highlights how Hong Kong is increasingly positioning itself as a hub for next-generation biotech and AI healthcare startups. While investor excitement around AI drug discovery has cooled in parts of the market, startups focused on delivery systems and biotech infrastructure are beginning to attract stronger institutional backing.
For METiS, the challenge now will be turning that investor confidence into commercially viable therapies and long-term partnerships. But the listing suggests that AI-driven drug delivery is starting to emerge as a category investors are willing to treat as core biotech infrastructure rather than a niche research experiment.
Keep Reading
Backed by Menlo Ventures, BrainGrid tackles planning gaps as AI makes software building accessible to more founders.
Updated
April 20, 2026 1:40 PM
A phone screen with app icons. PHOTO: UNPSLASH
As artificial intelligence makes it easier to write code, a different problem is starting to surface. Building software is no longer limited by technical skill alone. Increasingly, the challenge lies in deciding what to build, how to structure it, and how to turn an idea into something that actually works.
That shift sits at the centre of BrainGrid, a startup that has raised $1 million in pre-seed funding led by Menlo Ventures, with participation from Next Tier Ventures and Brainstorm Ventures. The company is building what it describes as an AI-powered planning layer for people who want to create software but may not have a technical background.
The timing reflects a broader change in how products are being built. Tools like Claude Code and Cursor have made it possible to generate working code through simple prompts. For many first-time founders, this has lowered the barrier to entry. But writing code is only one part of the process. Turning that code into a reliable product requires structure, sequencing and clarity—areas where many projects begin to fall apart.
In traditional teams, this responsibility sits with product managers who define what needs to be built and in what order. Without that layer, even well-written code can lead to products that feel disjointed or incomplete. Features may not work together, integrations can break and the final product often does not match the original idea.
BrainGrid is designed to address that gap. Instead of focusing on generating code, it helps users map out the structure of a product before development begins. The aim is to give builders a clearer starting point so that the tools they use—whether human or AI—can produce more consistent results.
The company says more than 500 builders have already used it to create software products across areas like fitness, healthcare and productivity. These range from first-time founders experimenting with new ideas to experienced developers working independently. In many cases, the products are already live and generating revenue, suggesting that the demand is not just for experimentation but for building something that can scale.
For investors, the appeal lies in the evolving role of software development. As AI takes on more of the technical work, the value shifts toward defining the problem and structuring the solution. In that sense, planning becomes less of a background task and more of a core capability.
The US$1 million raise is relatively modest, but it points to a larger trend. As more people gain access to AI tools, the number of potential builders expands. What remains limited is the ability to organise ideas into products that work in the real world. If that shift continues, the next wave of software may not be defined by who can code, but by who can plan.