Robin Li, chief govt officer of Baidu.
Nelson Ching | Bloomberg | Getty Images
GUANGZHOU, China — Chinese web search big Baidu is in discussions with buyers to boost as much as $2 billion over three years for a brand new biotech firm, CNBC has confirmed.
The firm can be a standalone entity fairly than a subsidiary of Baidu, stated an individual near the matter. The particular person was not approved to talk publicly concerning the challenge.
Numerous buyers are fascinated by becoming a member of the funding, the individual stated, including that they may not disclose extra particulars as talks are nonetheless within the early stage.
Reuters first reported the information.
Baidu declined to remark when contacted by CNBC.
The biotech firm would deal with utilizing synthetic intelligence (AI) and computing to create new medication and and make early-stage diagnoses of illnesses similar to most cancers, the individual stated.
Powerful algorithms can be utilized to scan medical photos or assist develop medication sooner than people can.
Baidu’s transfer comes as China’s know-how firms attempt to boost their presence in healthcare, a transfer accelerated by the coronavirus pandemic.
Earlier this yr, Baidu gave away an algorithm it calls “LinerFold” totally free to gene-testing companies, epidemic management facilities and analysis establishments. That algorithm is designed to establish the genetic make-up of viruses, which might assist develop a vaccine.
Baidu, which has sometimes been an web search firm, has been making an attempt to develop into new areas from driverless vehicles to well being know-how, because it faces rising competitors in its core enterprise.
CEO Robin Li is personally concerned within the biotech challenge, stated the supply who spoke to CNBC.