Qiming Venture Partners backs data firm

The China-focused venture capital firm has partnered with Tigermed Consulting on a $50m investment in MacroStat.

Qiming Venture Partners has teamed up with Tigermed Consulting, a contract research organisation to invest $50 million in MacroStat, also a contract research organisation, according to a Tigermed spokeswoman.

In 2005, US-headquartered MacroStat set up its China operations in Shanghai. The company, which specialises in clinical data management and statistical analysis, is focused on biostatistics in China.

The capital injection gives Qiming Venture Partners a seat on MacroStat’s board of directors. The funding will be used to spur the expansion of MacroStat’s biostatistics business as well as its research and development capabilities.

In August 2008, Qiming Venture Partners raised $320 million for its second fund. It mainly invests backs early stage companies, although it selectively makes a few growth and expansion capital investments.

Tigermed will establish a strategic partnership with MacroStat in the management of clinical trials, data management and statistical analysis. The company is expected to become China’s largest contract research organisation in three years, according to Tigermed.

Qiming Venture Partners did not reply to requests for comment by press time.

MacroStat could not be reached for comment.