China-based clinical research software provider Taimei Technology has pocketed more than RMB1.2bn ($176m) in a funding round co-led by internet company Tencent, DealStreetAsia reported today.
GL Ventures, a venture affiliate of private equity firm Hillhouse Capital, and private equity firm YF Capital co-led the round, which also featured SoftBank China Venture Capital (SBCVC), a local corporate venturing unit for telecommunications group SoftBank.
Morningside Venture Capital, Matrix Partners China, Zheshang Venture Capital, Cowin Ventures, Fanzhuo Capital and Ivy Capital filled out the round.
Founded in 2013, Taimei markets cloud-based software that helps life sciences companies to undertake clinical trials and to assess, monitor and prevent adverse effects. The capital will go towards IT infrastructure, product expansion and bolstering Taimei’s market position.
Tencent led a $132m series E-plus round in October 2019, when Taimei also confirmed an $80m series E round led by Tiger Global Management, with participation from SBCVC, Morningside, Cowin, SAIF Partners, Zheshang and Ivy.
SBCVC, Matrix, Cowin, SAIF and Morningside invested $47.7m in series D funding in early 2018.
Details about Taimei’s earlier funding are sparse, however, the company reportedly received some $14m in series C financing from Cowin, Morningside, Matrix Partners China and Genesis Capital in 2017. Its early backers include Northern Light Venture Capital.
