Mingdu Intelligent, backed by three Chinese academic institutions, has increased its funding haul to at least $26m.
Mingdu Intelligent, a China-based connected drug manufacturing plant operator backed by Chinese Academy of Sciences, Zhejiang University and Peking University, has closed its series A-plus round at RMB80m ($11.4m), China Money Network reported yesterday.
The deal was led by venture capital firm Zheshang Venture Capital and also featured China Merchants Venture, a branch of state-owned asset manager China Merchants Group, in addition to alternative asset wealth manager Topping Capital.
Founded in 2017, Mingdu Intelligent has built internet of things (IoT)-equipped production and warehouse units for manufacturing and distributing drugs on behalf of pharmaceutical firms.
Proceeds from the series A-plus round will bolster Mingdu’s product and growth strategy, which aims to leverage IoT in order to manufacture healthcare products more effectively.
The funding comes after a $14.5m series A round in July 2019 led by Cash Capital, an investment arm of Chinese Academy of Sciences, that also included Zhejiang Peking University Venture Capital and Red Star Zhongying, investing on behalf of Zhejiang and Peking universities and furniture retailer Red Star Macalline respectively.
Mingdu Intelligent had already secured an eight-figure renminbi pre-series A sum at an undisclosed date from an entity whose name transliterates as Chuangxin Huiying in English, according to Ijutzu.
Wang Lijun, managing partner of Mingdu Intelligence, said: “Mingdu is optimistic about the huge development potential in the fields of life sciences and general healthcare.
“Excellent companies in this industry have reached a consensus on the direction of digital R&D and digital factory construction.”