Chinese healthcare software provider raises $212m
Taimei Technology, a Chinese cloud-based software provider that serves pharmaceutical companies and clinical research organizations (CROs) has raised RMB1.5 billion ($212 million) through an extended Series E round of funding.
The round was led by Tiger Global Management and Tencent holdings. Existing investors SBCVC, Morningside Venture Capital, Cowin Capital, SAIF Partners China, Zheshang Venture Capital, and Ivy Captial all re-upped
Founded in 2013, Taimei provides software-as-a-service (SaaS) solutions, focusing on clinical research and pharmacovigilance which is used to monitor the adverse effects of drugs. The platform facilitates collaboration between hospitals, pharmaceutical companies, CROs, patients, regulatory agencies and other stakeholders to ensure the smooth flow of information.
There are six core solutions, covering areas such as data management, project management, electronic regulatory submissions. Taimei works with more than 500 pharmaceutical companies and CROs domestically and overseas, as well as over 1,600 hospitals. It supports one-third of China’s registered clinical research and side effects reporting, according to a statement.
Taimei also claims to account for 80% of the China market in electronic data capture (EDC) in the healthcare sector. EDC can deliver cost savings of 49-62% on traditional methods involving manual inputs based on paper records, it said.
In June, Taimei acquired Softium, a pharmaceutical CRM platform that provides customized solutions for online drug develoment management.
In April of last year, the company raised RMB300 million in Series D funding from investors including Matrix Partners China and Cowin. Cowin previously provided seed funding in 2014 and then Matrix led a Series A round the following year. The Series B came in 2016 an a Series C worth RMB100 million closed last year. Genesis Capital, a PE firm founded by Richard Peng, formerly head of M&A at Tencent, led the Series C.
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