Morningside-backed LifeTech Scientific raises over RMB 1.2 billion in new funding round | Light Moments
China's new drug R&D is undergoing a "Cambrian explosion." The industry's underlying infrastructure for pharmaceutical innovation is one of the core sectors we're tracking in healthcare.
On September 28, 2020, Taimei Medical Technology officially announced the completion of a new funding round totaling over RMB 1.2 billion. The round was led by Tencent, Hillhouse, and Yunfeng Capital, with participation from existing investors including 5Y Capital, Matrix Partners China, Zheshang Venture Capital, SoftBank, Kaifeng Venture Capital, Ivy Capital, Future Qichuang Fund, and Fanzhuo Capital. Fanzhuo Capital served as the exclusive financial advisor.
Xutian Jing, Executive Director at 5Y Capital, commented: "Taimei announced its new funding round today, and as existing shareholders, we once again chose to invest above our pro-rata. Over the past few years, 5Y has watched Taimei evolve from a software product-centric business model to an industry collaboration platform, and now to an innovative services provider that offers digital empowerment to external partners. The company is executing a perfect 'second growth curve,' and the core team has demonstrated remarkable acceleration — this is precisely why 5Y has consistently invested above our allocation in every round. China's new drug R&D is experiencing a 'Cambrian explosion,' and industry infrastructure for pharmaceutical R&D is one of our core focus areas in healthcare."
Going forward, Taimei Medical Technology will continue to serve as the digital operations platform for the life sciences industry, fully advancing resource integration in the innovative drug R&D sector, building and optimizing information infrastructure, and expanding innovative services — empowering the digital and intelligent transformation of new drug development to fulfill its mission of "making good medicine accessible."
About Taimei Medical Technology
Guided by its mission to "make good medicine accessible," Taimei Medical Technology is building the infrastructure for how the future pharmaceutical industry will operate — enabling faster time-to-market for new drugs, ensuring patient medication safety, improving accessibility to quality medicines, and reducing the medical burden on patients.
As a digital operations platform for the life sciences industry, Taimei leverages advanced technologies including cloud computing, mobile internet, big data, and artificial intelligence. The company has independently developed a complete professional software product line and built a technology-enabled professional service system, with operations spanning pharmaceutical R&D, pharmacovigilance, medical affairs, market access, and marketing. Taimei has innovatively developed the TrialOS platform with collaboration as its core philosophy, connecting hospitals, pharmaceutical companies, service providers, regulatory agencies, patients, and payers to achieve broad resource integration, seamless data flow, tight process collaboration, and unified industry standards — driving value upgrade and mutual benefit across the industry.
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5Y Capital is one of China's earliest venture capital firms focused on early-stage investing, currently managing both USD and RMB denominated funds with assets under management totaling several billion dollars. Its limited partners include internationally renowned sovereign wealth funds, family offices, fund-of-funds, and university endowments.
Having worked together for nearly two decades, the 5Y Capital team seeks out, supports, and inspires visionary entrepreneurs, sharing in their exceptional foresight and providing them with our insights, industry experience, and comprehensive operational support — from the spiritual to the practical — throughout their entrepreneurial journey.
5Y Capital's successful investments include Sohu (NASDAQ: SOHU), Trip.com Group (NASDAQ: CTRP), The9 (NASDAQ: NCTY), China Distance Education (NYSE: DL), Focus Media (SZ: 002027), Xunlei (NASDAQ: XNET), Phoenix New Media (NYSE: FENG), UCWeb (Alibaba, NYSE: BABA), JOYY (NASDAQ: YY), Didi (DiDi), Musical.ly (ByteDance), NYSE: ZEPP (NYSE: HMI), OneSmart International Education (NYSE: ONE), Huya (NYSE: HUYA), Xiaomi (HK: 0181), Viomi (NASDAQ: VIOT), Kingsoft Office (688111.SH), LIZHI (NASDAQ: LIZI), Agora (NASDAQ: API), and Xpeng Motors (NYSE: XPEV). The portfolio also includes high-growth companies such as Kuaishou, WeDoctor, SenseTime, Souche, Horizon Robotics, Bigo, Aihuishou, Xiaozhu, Maimai, Smartmi, Pony.AI, and Keep.