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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Getting to the Moon was the first chapter. Interlune and Astrolab are working on how to operate there.
Updated
April 1, 2026 8:56 AM
Apollo 17 Astronaut's Snapshot of Taurus-Littrow Valley. PHOTO: UNSPLASH
As plans for a long-term human presence on the Moon pick up pace, the focus is shifting from landing there to working there. It is one thing to reach the surface. It is another to build roads, prepare sites and extract materials in a way that can support real activity.
That is where Interlune and Astrolab come in. Interlune is a space resources company. Astrolab builds planetary rovers. The two are now working together to mount Interlune’s lunar digging system onto Astrolab’s Flexible Logistics and Exploration (FLEX) rover. They have completed a concept study and are planning hardware testing in Houston.
The aim is straightforward: combine a rover that can move reliably across the Moon with equipment that can dig, collect and handle lunar soil. Interlune is focused on harvesting natural resources from the Moon, starting with helium-3. To do that at scale, the system cannot sit in one place. It has to move across the surface, handle dust and operate in harsh conditions. "Reliable, autonomous mobility is crucial to the Interlune harvesting system and broader lunar infrastructure development", said Rob Meyerson, co-founder and CEO of Interlune. "Astrolab's FLEX is the right vehicle for the job".
By fitting its digging and collection hardware onto FLEX, Interlune is working toward a mobile system that can gather large amounts of lunar soil and support future construction needs. Beyond helium-3, the same setup could help prepare base sites, level ground, build protective barriers and lay the groundwork for other structures. In simple terms, it is about turning a rover into a working machine for the Moon.
The partnership also connects to Interlune’s work with Vermeer Corporation to develop equipment for continuous, high-volume digging adapted to lunar conditions. Taken together, the goal is to build systems that can support both commercial and government missions — whether that means resource extraction or preparing land for future bases.
For Astrolab, the collaboration strengthens the role of FLEX as more than just a transport vehicle.
"Working with Interlune further differentiates FLEX as the rover of choice for commercial and government Moon missions", said Jaret Matthews, Astrolab founder and CEO. "Interlune's expertise in developing and testing highly specialized regolith simulant will further enhance FLEX's ability to mitigate dust and operate in extreme environments".
Testing will be centered in Houston, which is becoming an important hub for commercial space development. Astrolab was the first company to lease space at the Texas A&M University Space Institute, currently under construction at NASA’s Johnson Space Center. Interlune operates the Houston-based Interlune Research Lab, where it creates and tests simulated versions of lunar soil.
That detail matters. Moon dust is fine, abrasive and difficult to manage. Before any hardware flies, it needs to prove it can survive and function in those conditions. By testing their systems in realistic soil simulants, the companies can refine how the rover moves and how the digging system performs.
The Houston lab is partially funded by the Texas Space Commission, reflecting the growing role of regional space initiatives in supporting private companies building beyond Earth. Overall, the collaboration is not about grand promises. It is about integrating hardware, running real tests and taking practical steps toward operating on the Moon.