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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AI actor Tilly Norwood releases a musical video arguing that artificial intelligence can expand creativity in film
Updated
April 1, 2026 8:55 AM
AI Actor Tilly Norwood. PHOTO: INSTAGRAM@TILLYNORWOOD
As Hollywood prepares for this weekend’s Oscars, a different kind of performer is stepping into the spotlight — one that doesn’t physically exist.
Tilly Norwood, described as the world’s first AI actor, has released her debut musical comedy video, Take the Lead. The project arrives at a moment when artificial intelligence has become one of the most contentious topics in the film industry.
The message of the song is simple. AI should not be seen as a threat to actors. Instead, it can become another creative tool. The release also offers a first look at what Norwood’s creators call the “Tillyverse”. It is envisioned as a cloud-based entertainment world where AI characters can live, interact and perform.
Behind the character is actor and producer Eline van der Velden. She is the CEO of production company Particle6 and AI talent studio Xicoia. Van der Velden created Tilly as a way to experiment with how artificial intelligence could be used in storytelling.
The timing is not accidental. The entertainment industry has spent the past few years debating the role AI should play in filmmaking and acting. Questions about digital replicas, automated performances and creative ownership continue to divide artists and studios.
Norwood’s musical video enters that debate with a different tone. Instead of warning about AI replacing actors, the project suggests that the technology could expand what performers are able to do.
The video itself also serves as a technical experiment. The song Take the Lead was generated using the AI music platform Suno. The video was then produced using a combination of widely available AI tools and Particle6’s own creative process.
One of the newer techniques used in the project is performance capture. Van der Velden physically acted out Tilly’s movements and expressions so the digital character could mirror a human performance. But the production was far from automated. According to Particle6, a team of 18 people worked on the video. The group included a director, editor, production designer, costume designer, comedy writer and creative technologist. In other words, the project still relied heavily on human creativity.
“Tilly has always been a vehicle to test the creative capabilities and boundaries of AI,” van der Velden said. “It’s not about taking anyone’s job”. She added that even with powerful tools, good AI content still takes time, taste and creative direction.
The project also reflects how quickly production technology is evolving. Tools that once required large studios are now accessible to smaller creative teams experimenting with AI-driven storytelling.
For Particle6, the character of Tilly Norwood acts as a testing ground. Each project explores how AI performers might be developed, directed and integrated into entertainment. Whether audiences embrace digital actors remains an open question. Many in the industry are still wary of how AI could reshape creative work.
But projects like Take the Lead show another possibility. Instead of replacing performers, artificial intelligence could become part of the creative process itself. In that sense, Tilly Norwood may represent something more than a virtual performer. She is also an experiment in how humans and machines might collaborate in the future of entertainment.