Jiaxing-based software company Taimei Technology has reaped RMB 1.2 billion (USD 176 million) in a financing round that was led by Tencent (HKSE: 0700), Hillhouse Capital, and YF Capital, the VC co-founded by Jack Ma, Taimei revealed on its official WeChat account on Monday.
Further participating in the round were Morningside Venture Capital, Matrix Partners China, Zheshang Venture Capital, SB China Capital, Cowin Capital, Ivy Capital, Weilai Qichuang Fund, and Fanzhuo Capital.
Taimei runs TrialOS, a platform that involves the different stakeholders in the pharmaceutical sector, including hospitals, drug makers, regulators, and patients. TrialOS consists of more than 20 applications, managing clinical research projects, clinical trial documents, patient data, and a system that alerts on adverse drug reactions during trials, among others.
The company claims that TrialOS supports one third of registered clinical research in China and one fifth of adverse drug reaction submissions. Taimei also provides software that helps drug firms in their marketing efforts and to gain licenses from regulators.
China’s medical sector has been attracting a great amount of money recently. Beijing-based vascular equipment maker WeMed closed its Series C+ round, bagging RMB 100 million (USD 14.6 million) from sole investor GL Ventures, Hillhouse Capital’s early-stage VC arm.
Hangzhou-based robotic startup Jianjia this month raised more than RMB 100 million in its Series B round, also led by GL Ventures. The company features Arthrobot, which can position, grind, and install prostheses, to assist doctors in joint replacement surgeries.