dMed-Clinipace, a Shangai, China- and Morrisville, NC-based global full-service Clinical Contract Research Organization (CRO), closed a US$50m Series C+ financing.
The round was led by Springhill Fund, with participation from funds managed by Rock Springs Capital and Superstring Capital. They joined Series C lead investor Fidelity Management and Research Company LLC as well as other new series C participants Sequoia Capital China, Kaiser Foundation Hospitals and E Fund. dMed’s angel, A and B rounds were led by Qiming Venture Partners, Lilly Asia Ventures, and Vivo Capital, who have taken opportunities to increase their contributions to dMed’s capital since the company’s inception in 2016.
The Series C+ financing proceeds have helped finance the recent merger between dMed Global and Clinipace Incorporated. Announced in April 2021, the combination of dMed and Clinipace has established a global full service CRO with dMed Global, based in Shanghai, China, and Clinipace Inc., a headquartered in Morrisville, North Carolina.
Led by Global Chairman and CEO Dr. Lingshi Tan, dMed-Clinipace is now an oncology and rare disease mid-size CRO, with expertise in clinical development, regulatory, pharmacovigilance and clinical analytics, and additional therapeutic focus in gastroenterology, nephrology, and women’s health. The CRO has more than 1,700 staff in 22 offices across the Americas, Europe and Asia-Pacific, including more than 700 staff in China.