Baidu in talks to raise $2 billion for AI healthcare startup

BEIJING/SHANGHAI (Reuters) – Chinese tech giant Baidu is in talks with investors to raise up to $2 billion over three years for a biotech healthcare startup, which will use AI technology to discover new drugs and diagnose diseases, a person with direct knowledge of the matter said. A second person confirmed the startup plan. Baidu is unlikely to be the controlling investor, the first person said. Both sources spoke on condition of anonymity, adding they did not have more details on the investment as talks were still under way. The Hang Seng Healthcare Index has surged about 40% over the past five months, outstripping the Hang Seng Index that edged up more than 6% over the time.

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