HITS Inc.
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HITS Inc. - overview
Established
2020
Location
Seoul, -, South Korea
Primary Industry
Pharmaceuticals
About
HITS Inc. is a South Korean biotechnology firm specializing in the innovative use of artificial intelligence to develop pharmaceuticals, enhancing drug discovery processes through advanced technology. Founded in 2020 in Seoul, South Korea, HITS Inc. focuses on leveraging AI technologies for pharmaceutical development.
The company has completed four deals, with its most recent funding round occurring on February 14, 2022, when it secured KRW 5. 5 billion in Series A funding led by Korea Investment Partners and supported by Capstone Partners, Company K Partners, Kiwoom Investment, and STIC Ventures. Jaechang Lim, the founder, has previously engaged in other entrepreneurial ventures, although specific details of those are not provided. HITS Inc.
specializes in the innovative development of pharmaceuticals through advanced artificial intelligence technologies. It offers a deep learning-integrated virtual exploration system that accelerates the identification of effective compounds, supported by a proprietary virtual library that protects intellectual property. The company employs a molecular pharmacology-inspired design patent technique to optimize new molecular structures across various modalities, including small molecules and peptidomimetics. HITS Inc.
serves clients in the pharmaceutical and biotech industries globally, particularly in North America, Europe, and Asia. HITS Inc. generates revenue through B2B partnerships and direct collaborations with pharmaceutical companies and research institutions. Revenue streams include licensing agreements for HITS Inc.
's proprietary technologies and access to its virtual library and predictive models for drug development, utilizing subscription-based or project-based pricing structures tailored to the complexity of the services offered. HITS Inc. plans to enhance its product offerings by continuing to develop its AI-driven technologies aimed at further improving drug discovery processes. The company is also exploring expansion into new markets, focusing on opportunities in North America and Europe by 2024.
The KRW 5. 5 billion raised in Series A funding will be allocated towards these initiatives, facilitating the development of new products and strengthening their market presence.
Current Investors
Schmidt, Korea Tech Incubator for Startup, Korea Investment Partners
Primary Industry
Pharmaceuticals
Sub Industries
Pharmaceutical Research & Development
Website
www.hitsai.com
Verticals
Artificial Intelligence, Cloud Computing
Company Stage
Series A
Total Amount Raised
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HITS Inc. - employee data
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