Cash Capital joined a unit of Red Star Macalline to back Mingdu Intelligent, which provides drug manufacturing services mainly related to data management and quality control.
China-based drug manufacturing services provider Mingdu Intelligent collected nearly RMB100m ($14.5m) in a series A round led by Cash Capital, the venture arm of Chinese Academy of Sciences (CAS), yesterday.
The round featured an unspecified investment arm of home furnishing retailer Red Star Macalline and an unnamed venture capital firm from Zhejiang province.
Founded in 2017 and officially called Zhejiang Mingdu Intelligent Control Technologies, the company provides pharmaceutical firms with services spanning R&D, manufacturing, storage and logistics.
Mingdu’s offering includes artificial intelligence and big data-driven data management software and an internet-enabled manufacturing execution system, which fully documents the conversion of raw materials into finished goods.
Chen Hongwu, managing partner of Cash Capital, argued the products addressed the needs of China-based drug makers now working within a more rigorous regulatory environment, with tighter rules on supply chain invoicing and good manufacturing practices.
The money will support the company’s marketing efforts, while also funding continued research and development of manufacturing information products for the pharmaceutical sector.
Mingdu had already raised an eight-figure yuan series A sum from an unnamed China-based investment firm at an unspecified date, according to China Money Network.
