Sep 29, 2020 02:33 PM

Chinese Life Science Solutions Provider Taimei Closes $176 Million in New Funding

Taimei offers artificial intelligence-based software products to help clients with drug research and development, clinical trial data management and drug safety.
Taimei offers artificial intelligence-based software products to help clients with drug research and development, clinical trial data management and drug safety.

(Deal Street Asia) — Taimei Technology, a Chinese provider of tech-enabled life science solutions, has secured over 1.2 billion yuan ($176.7 million) in a new funding round co-led by Tencent Holdings Ltd., Hillhouse Capital Management Ltd.’s venture capital arm GL Ventures, and YF Capital, a private equity firm backed by Alibaba Group Holding Ltd. co-founder Jack Ma.

Chinese early-stage VC Morningside Venture Capital; Matrix Partners China, which is affiliated with U.S.-based Matrix Partners; and SoftBank China Venture Capital (SBCVC) also participated in the fundraising, Taimei announced on Monday.

Other investors included Zheshang Venture Capital (ZSVC), a firm located in East China’s Zhejiang province; China’s Cowin Ventures, which primarily invests in the TMT and life science industries; Beijing-based boutique investment bank Fanzhuo Capital; and Ivy Capital, which focuses on yuan-denominated equity investments in China.

Founded in June 2013, Taimei offers artificial intelligence-based software products suites and service systems to help clients in drug research and development, clinical trial data management, and drug safety among other things.

Pharmacovigilance, also known as drug safety, is related to the collection, detection, assessment, monitoring, and prevention of adverse effects of pharmaceutical products.

Dual-headquartered in eastern China’s Shanghai and Jiaxing cities, Taimei delivers the cloud-enabled platform TrialOS for seamless clinical research collaboration among sponsors, sites, clinical research organizations (CROs), patients, regulatory agencies and third-party providers.

TrialOS platform supports one-third of registered clinical research and one-fifth of adverse drug reaction submissions in China, according to Taimei’s website. The firm cooperates with over 500 pharmaceutical companies and CROs, as well as over 1,600 hospitals worldwide.

“In past years, Morningside witnessed Taimei evolve from a software-centric business model to an industry collaboration platform, and further develop into an innovative firm providing digital empowerment solutions. The company is on a path to building a perfect second-growth lifeline,” said Ted Jing Xutian, vice president of investor Morningside in a statement.

Jing said that Morningside Venture Capital had oversubscribed in the new round.

After the new financing, Taimei will continue to serve as a digital operation platform in the life sciences industry to promote the integration of resources for drug research and development, the construction of information technology infrastructure, and the expansion of innovative services, said the company.

In October 2019, Taimei had raised a combined 1.5 billion yuan across Series E and E+ rounds, which were led by New York-based investment company Tiger Global Management and Tencent, respectively.

This story was first published in Deal Street Asia.

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