China-based drug manufacturing services provider Mingdu Intelligent collected nearly RMB100m ($14.5m) yesterday in a series A round involving an unspecified subsidiary of home furnishing retailer Red Star Macalline.
The round was led by Cash Capital, the venture arm of Chinese Academy of Sciences (CAS), and also featured an unnamed venture capital firm from Zhejiang province.
Founded in 2017 and officially known as Zhejiang Mingdu Intelligent Control Technologies, the company provides pharmaceutical firms with services spanning research and development, manufacturing, storage and logistics.
Mingdu’s offering includes big data and artificial intelligence-driven data management software and an internet-connected manufacturing execution system that fully documents the conversion of raw materials into finished goods.
Chen Hongwu, managing partner of Cash Capital, said the products address the needs of China-based drug producers now working within a more rigorous regulatory environment with tighter rules covering supply chain invoicing and good manufacturing practices.
The money will support the company’s marketing efforts, while also funding continued research and development for manufacturing data products for the pharmaceutical sector.
Mingdu had already raised an eight-figure renminbi amount in series A funding from an undisclosed China-based investment firm at an unspecified date, according to China Money Network.
– A version of this article first appeared on our sister site, Global University Venturing