Chinese healthcare SaaS platform raises $48m
Taimei Medical Technology, a Chinese cloud-based software provider that serves pharmaceutical companies and clinical research organizations (CROs), has raised RMB300 million ($48 million) in Series D funding.
Existing backers Matrix Partners China and Cowin Capital both re-upped for the new round. They are joined by a string of new investors, including SAIF Partners China, Morningside Ventures, Zhejiang Zheshang Venture Capital, SBCVC, Ivy Capital.
Founded in 2013, Taimei offers a software-as-a-service (SaaS) platform to companies involved in drug development. Its core product, TMCloud, allows pharmaceutical companies, CROs, research institutes, and regulatory agencies to collaborate on R&D. By transitioning clinical trials processes from paper to digital systems, the goal is to reduce costs and improve efficiency.
Taimei also specializes in pharmacovigilance, which relates to the detection, assessment, monitoring, and prevention of adverse effects with pharmaceutical products. Again, the objective is to use the company’s technology platform to manage these processes.
“Medical clinical research and pharmacovigilance SaaS is one of the largest markets in the field of medical software. Medidata Solutions, Veeva Systems, and Oracle’s healthcare business are worth billions of dollars and growing rapidly,” Kevin Xiong, a managing director at Matrix, said in a statement. “In the past two years, Taimei has grown rapidly as well, with a lot of top talent joining. It has become the leading cloud computing product manufacturer in this field in China.”
Cowin provided seed funding to Taimei in 2014 and then Matrix led a Series A round the following year. The Series B came in 2016 – featuring Northern Light Venture Capital, Oriza Holdings, and Matrix – before a Series C of RMB100 million last year. Genesis Capital, a VC firm founded by Richard Peng, formerly head of M&A at Tencent Holdings, led the Series C.
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