China healthcare SaaS player Taimei raises $176m

Other backers include Zheshang Venture Capital, Morningside Venture Capital, Matrix Partners China, SBCVC, Cowin Capital, Ivy Capital, Beijing Future Startup Fund Management, and Fanzhuo Capital.

Founded in 2013, Taimei develops software-as-a-service (SaaS) solutions focused on clinical research and pharmacovigilance, which involves monitoring the adverse effects of drugs. The platform facilitates collaboration between stakeholders ranging from hospitals to regulatory agencies to ensure the smooth flow of information. It covers areas such as data management, project management, and electronic regulatory submissions.

Taimei works with more than 500 pharmaceutical companies and clinical research organizations (CROs) domestically and overseas, as well as over 1,600 hospitals and 200 third-party service providers, and three million patients. In June of last year, it acquired Softium, a pharmaceutical customer relationship management (CRM) platform. 

The company claims to support one-third of China’s registered clinical research and side effects reporting. It also claims to account for 80% of 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.

Cowin provided seed funding for Taimei in 2014 and then Matrix led a Series A round the following year. The Series B came in 2016 and a Series C worth RMB100 million closed in 2018, led by Genesis Capital. This was followed by a Series D of RMB300 million. Last year, Tiger Global Management and Tencent led a RMB1.5 billion extended Series E round.

Fanzhou served as the exclusive financial advisor for the latest round. 

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• Topics
• Greater China
• Expansion
• Healthcare
• Pharmaceuticals
• China
• Yunfeng Capital
• Tencent
• GL Ventures
• Growth capital