(Yicai Global) Jan. 17 -- Chinese industrial design platform developer DP Technology has raised tens of millions of US dollars in its Series B funding to attract talent and to enlarge the application of its medical and material development technology.

The latest round of financing was led by Source Code Capital and Qiming Venture Partners, the Paper reported today, citing the Beijing-based firm. The existing shareholders of GL Ventures and Matrix Partners increased their investment in the startup.

DP has completed four fundraisers in 18 months, it said. Founded in 2018, the firm develops a modeling technology featuring artificial intelligence which is used by pharmaceutical companies and medical research institutions to make their work more efficient.

The tech firm is working on renewable energy. DP and battery giant Contemporary Amperex Technology have teamed to establish a joint lab to explore more advanced new energy technologies based on computing for material research and development, it added.

Editor: Emmi Laine, Xiao Yi