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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Circles is using AI to turn telecom support from a cost centre into a faster, more personalised growth engine
Updated
May 1, 2026 2:04 PM
A woman holding a phone while using a laptop. PHOTO: ADOBE STOCK
Circles, a Singapore startup that builds software for digital telecom operators, has launched an AI concierge as part of its partnership with OpenAI. The release marks a new step in the company’s effort to modernise how telecom providers serve and retain customers. The move reflects a wider shift in the telecom sector. Many operators still rely on older support systems that can be slow, fragmented and costly to run. AI is now being tested as a way to improve service while creating new revenue opportunities.
Circles said the concierge is built on OpenAI’s API platform and sits within what it calls an AI-native telecom stack. In practical terms, the system is designed to handle customer support, account changes and personalised offers through automated interactions.
One part of the platform is called CareX. According to the company, it can deal with billing issues, service requests and network-related problems. Circles said CareX currently resolves 85% of customer queries globally without human intervention and reaches a 95% resolution rate on end-to-end tasks. That matters because customer support remains one of the larger operating costs for telecom providers. Faster automated handling could lower pressure on service teams while reducing wait times for users.
The second part of the platform is Xplore IQ, which focuses on revenue growth. The tool is designed to predict what a customer may need, recommend a suitable plan or offer and complete upgrades or downgrades automatically. Circles said the early rollout has led to a 22% rise in average revenue per user for Circles.Life Singapore. It also said personalised offers helped reduce customer churn by 9%.
"AI should empower users - not force-fit into outdated journeys. OpenAI's role has been critical in enabling Circles to scale this vision globally. With the AI concierge, we are moving beyond providing simple answers to delivering real-world outcomes, along with balancing cost and latency to maximize value for operators and customers alike", said Awais Malik, Global Chief Growth Officer at Circles.
"Circles is demonstrating how advanced AI can modernize essential industries like telecommunications at scale. By combining frontier models with multi-agent systems, they are enabling telecom operators globally to deliver faster, smarter and more personalized customer experiences. This milestone is a strong example of how AI can deliver tangible value for businesses and customers they serve", Oliver Jay, Managing Director, International for OpenAI, added.
Together, the tools are intended to connect customer service, operations and sales into one system. Rather than treating support and monetisation as separate functions, the company is combining them into a single digital layer.
Circles said the partnership will continue over the next two years as both companies work toward a more autonomous telecom model. Whether that vision is achieved remains to be seen, but the direction is clear: telecom operators are increasingly treating AI as core infrastructure rather than an optional add-on.