Taimei Technology of Shanghai completed a $176 million financing to support its AI cloud-based suite of programs for clinical trials and drug safety. The company’s SAAS platform enables clinical research collaboration between sponsors, sites, CROs, patients, regulatory agencies and third-party providers. Its latest funding was co-led by Tencent Holdings, GL Ventures (a Hillhouse subsidiary), and YF Capital, the VC co-founded by Jack Ma. One year ago, Taimei closed a $212 million Series E/E+ round.
The company’s TrialOS cloud-based software supports one third of registered clinical research in China and one fifth of adverse drug reaction reports, according to Taimei.
Last year, Taimei acquired Softium. Softium develops pharmaceutical CRM platform that provides the development, customization, sales and related maintenance consulting services for SaaS enterprise online management software. Softium provides customized solutions for customers in the form of cloud computingBased on self-developed ETMS management software, e-Detailing system software and other application software systems.
China’s Biotech Industry
China’s biotech industry has been growing rapidly in the past decade but still remains less than a tenth the size of the U.S. biotech industry in terms of market size, according to a reported prepared by the U.S. government, “China’s Biotechnology Development: The Role of U.S. and Other Foreign Engagement.” China’s biologics market is estimated at 30 to 40 billion yuan ($4.7 to $6.2 billion) and their agricultural biotech market is around $8.1 billion, while estimates places those U.S. markets at $118 billion and $110 billion, respectively. Overall, the U.S. maintains its lead through world-class research training and strong governmental support of R&D, but China is seeking to close the gap through its top-down government strategy and coordination, talent recruitment programs, high R&D spending across the industry, and capacity for high-tech R&D. Another method many Chinese companies use is partnerships with U.S. research organizations and private companies that share data and information in ways that are likely to come under scrutiny.