Naxions, a China-based pharmaceuticals industry marketing software developer backed by medical services outsourcing company Iqvia, has completed a $15m series B round co-led by venture capital firms Volcanics Venture and China Creation Ventures.
Founded in 2014, Naxions has created a platform for drug makers that exploits data analysis and artificial intelligence-based technologies such as natural language processing to collate information on new drugs for distribution to doctors and health professionals.
The software is pitched as helping pharmaceutical firms boost awareness of new drug products while expanding access to medical information for newly-trained doctors.
Naxions’ customer base includes about 45,000 Chinese doctors, representing a pharmaceuticals purchasing market of approximately RMB600m ($85.9m).
Its industry partners include drug developers Pfizer, Bayer and Janssen Pharmaceuticals – the latter a subsidiary of healthcare products company Johnson & Johnson.
The series B capital will go toward research and development on Naxions’ core product and technology while also supporting efforts to expand its services and solidify its relationships with clients.
Iqvia invested an eight-figure renminbi (RMB10m = $1.4m) series A-plus sum in Naxion in July 2018, adding to an undisclosed amount of series A capital procured from Shenzhen Guozhong Venture Capital Management in mid-2017, according to China Money Network.