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.
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A closer look at how startups are turning local AI into global opportunity
Updated
March 24, 2026 6:25 PM
NVIDIA GTC 2026. PHOTO: NVIDIA
At NVIDIA GTC 2026 in Palo Alto, a group of 16 Taiwanese startups used the global AI stage to do more than showcase products—they tested how far their technologies could travel beyond domestic markets. The delegation, led by Startup Island TAIWAN Silicon Valley Hub with support from Taiwan’s National Development Council, reflected a broader shift in the country’s role within the AI ecosystem.
The startups represented a mix of emerging areas including digital twins, robotics, AI agents and healthcare, aligning closely with enterprise AI adoption trends. Some gained formal visibility within NVIDIA’s ecosystem, with companies such as MetAI and Spingence featured in the Inception Program, while six others presented their work in the conference’s poster gallery. These formats allowed them to engage directly with developers, enterprise users and potential partners rather than simply exhibiting technology.
A defining feature of Taiwan’s presence this year was how closely startups operated alongside established hardware companies such as ASUS, AAEON and Compal. This setup reflected a vertically integrated model where infrastructure and applications are developed together, offering a clearer path from product development to deployment. It also underscored Taiwan’s gradual shift from being primarily a hardware supplier to participating more actively across the full AI stack.
Activity around the conference extended well beyond the exhibition floor. A Taiwan Demo Day held during the week drew more than 1,000 registrations and nearly 600 in-person attendees, bringing startups into contact with close to 200 international investors. The event focused on structured introductions and deal flow, positioning startups in front of venture firms and corporate innovation teams looking for AI applications.
Alongside these formal sessions, Taiwan Startup Night provided a more informal but equally strategic setting. With over 100 curated participants, including founders, investors and corporate representatives, the gathering created space for early-stage conversations that could evolve into partnerships or market entry opportunities. These interactions, while less visible than on-stage presentations, are often where initial collaboration takes shape.
Taken together, the events around GTC point to a more coordinated approach to international expansion. Through platforms like Startup Island TAIWAN, the emphasis is not just on visibility but on building continuity—connecting startups with investors, partners and customers across multiple touchpoints in a single week. As AI development increasingly spans chips, systems and applications, Taiwan’s presence at GTC suggests a more integrated role, where the focus is as much on enabling global deployment as it is on developing the technology itself.