Taimei Technology, a Chinese cloud-based software provider that serves pharmaceutical companies and clinical research organizations (CROs), announced on Friday the completion of Series E and Series E+ rounds of financing at 1.5 billion yuan ($212 million).
The Series E and Series E+ rounds were led by New York-based investment company Tiger Global Management and Tencent, respectively, Taimei said in a statement on its WeChat official account.
Other investors in the new rounds include SoftBank China Venture Capital (SBCVC); Chinese venture capital firm Morningside Venture Capital; Cowin Venture, an early-stage investment firm that specialises in TMT and healthcare investments; Asia-focused private equity firm SAIF Partners; China’s Zheshang Venture Capital; and Shanghai-based private equity firm Ivy Capital, according to the statement.
Taimei Technology, founded in June 2013, operates as a technology solution provider in the field of lifesciences with a focus on clinical research and pharmacovigilance. Pharmacovigilance, which is also known as drug safety, is related to the collection, detection, assessment, monitoring, and prevention of adverse effects of pharmaceutical products.
The company, dual-headquartered in eastern China’s Shanghai city and Jiaxing city, provides a cloud-enabled platform for seamless clinical research collaboration among sponsors, sites, CROs, patients, regulatory agencies and third-party providers. The company has forged cooperation with over 500 pharmaceutical companies and CROs, as well as more than 1,600 hospitals worldwide, according to the company website.
Upon the completion of the investments, Taimei Technology will continue to enhance the construction of its digital operation platform in the lifesciences field, which it deems as “infrastructure of the future pharmaceutical industry.” The company also plans to increase investment in four major areas, namely drug research and development, market access, pharmaceutical marketing, and pharmacovigilance.
The company has so far completed seven funding rounds. Previously, Taimei Technology raised 300 million yuan ($42 million) in a Series D round from a range of investors including Matrix Partners China, Cowin Capital, SAIF Partners China and Morningside Ventures in April 2018.
The firm also closed a Series C round worth 100 million yuan ($14 million) backed by Matrix Partners China, Cowin Capital, Morningside Ventures, and Genesis Capital, which is led by ex-Tencent executive Richard Peng, in January 2017.