(Yicai Global) Sept. 25 -- The chief of Chinese tech giant Baidu's venture capital arm has founded a new life sciences company called BioMap to develop more accurate and effective diagnostic methods and drugs via artificial intelligence.

Baidu Ventures's Chief Executive Liu Wei will become the new company's CEO, the Beijing-based search engine giant wrote in a statement published on its WeChat account today. Baidu's founder Robin Li will serve the firm as its chairman.

First, the precision medicine enterprise will deploy AI to construct a biocomputing platform while collaborating with startups and research institutes. After that, it will team up with partners to come up with new approaches for more personalized diagnosis and targeted drug development.

Founded on Aug. 24, BioMap's registered capital is CNY1 million (USD146,671), according to company data platform Tianyancha. Beijing-based Baiwang Hezhong Consulting Management Center, controlled by Liu, has 60 percent of BioMap's equity. Liu directly owns the remainder.

The new company's team includes over 10 life science doctors with degrees from renowned universities such as Beijing's Tsinghua University, Stanford University, and the University of Oxford, as well as professionals at biopharmaceutical companies.

Editor: Emmi Laine