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 new AI model replaces months of simulation with near-instant predictions, changing how spacecraft operations are prepared
Updated
April 24, 2026 10:53 AM
Northrop Grumman Stargaze serves as the mother ship for the Pegasus, an air-launched orbital rocket. PHOTO: UNSPLASH
Flexcompute, a startup that builds software to simulate real-world physics, is working with Northrop Grumman to change how space missions are prepared. Together, they have developed an AI-based system that can predict how spacecraft respond during critical manoeuvres such as docking—when one spacecraft moves in and connects with another in orbit. These steps have traditionally taken months of preparation.
At the centre of this work is a long-standing problem in space operations. When a spacecraft fires its thrusters, the exhaust plume interacts with nearby surfaces. These interactions can affect movement, temperature and stability. Because these effects are difficult to test in real conditions, engineers have relied on large volumes of computer simulations to estimate outcomes before a mission. That process is slow and resource-intensive.
The new system replaces much of that workflow with a trained AI model. Instead of running millions of simulations, the model learns patterns from physics-based data and can make predictions in seconds. It also provides a measure of uncertainty, which helps engineers understand how reliable those predictions are when making decisions.
"At Northrop Grumman, we're pioneering physics AI to accelerate design and solve complex simulation and modelling problems like plume impingement—critical for station keeping, rendezvous and space robotics. Simply put: we're pushing the boundaries of advanced space operations", said Fahad Khan, Director of AI Foundations at Northrop Grumman. "Partnering with Flexcompute and NVIDIA, we're accelerating innovation and mission timelines to deliver superior space capabilities for customers at the speed they need".
The system is built using technology from NVIDIA, which provides the computing framework behind the model. Flexcompute has adapted it to handle the specific challenges of spaceflight, including how gases expand and interact in a vacuum. The result is a tool that can simulate complex scenarios much faster while maintaining the level of accuracy needed for mission planning.
By shortening preparation time, the model changes how engineers approach spacecraft design and operations. Faster predictions mean teams can test more scenarios and adjust plans more quickly. It also helps improve fuel use and extend the lifespan of spacecraft.
"Northrop Grumman's confidence reflects what sets Flexcompute apart", said Vera Yang, President and Co-Founder of Flexcompute. "We are able to take the most accurate and scalable physics foundations and evolve them into highly trained, customized Physics AI solutions that engineers can rely on. This work shows how we are transforming the role of simulation, not just speeding it up, but expanding what engineers can confidently solve and how quickly they can act".
The collaboration points to a broader shift in how engineering problems are being handled. Instead of relying only on detailed simulations that take time to run, companies are beginning to use AI systems that can approximate those results quickly while still reflecting the underlying physics.
"The industry's most ambitious space missions now demand a level of speed and precision that traditional engineering cycles can no longer sustain", said Tim Costa, vice president and general manager of computational engineering at NVIDIA. "By integrating NVIDIA PhysicsNeMo, Northrop Grumman and Flexcompute are transforming complex simulations like plume impingement from days of compute into seconds of insight, drastically accelerating the path from mission concept to orbit".
What emerges from this work is a shift in how missions are prepared. When prediction cycles move from months to seconds, testing and decision-making can happen faster. For space operations, where timing and precision are closely linked, that change could reshape how systems are built and run.