Chinese clinical research data sharing and trading platform Yao Yanshe raised nearly CNY100 million (USD15.6 million) in A round of financing, which will be used to strengthen the platform and data systems.
Matrix Partners China led this round of financing, technology news site 36Kr reported today.
Founded and operated by Shanghai Miaoyi Biological Technology, Yao Yanshe is the first new service cooperation platform in clinical research in China. The platform pioneers in integrating sharing, data and information management to provide innovative and efficient solutions for drug research and development at clinical research stage. Its product services mainly focus on three core aspects, namely improving R&D efficiency, reducing costs in this field and shortening the R&D period.
China’s global contract research organization, or CRO, market is around CNY50 billion and grows at an annual rate of over 20 percent, said Kevin Xiong, managing director of Matrix Partners China. Yao Yanshe has markedly improved the efficiency of the industry and achieved rapid development with the help of data and information technology.
Other investors also praised the platform for stepping into the CRO field through mobile internet and information systems, partly optimizing and even reconstructing the industry process and constantly promoting freelancing of employees, saying that the data platform plays a key role in the pharmaceutical clinical research industry.