dMed Valuation, Funding & Investors

dMed is valued at $700M as of July 2021.

See full dMed profile

Last dMed valuation

$700M

Series C · Jul 2021

Last dMed funding round

$50M

Series C · Jul 2021

Cumulative funding dMed raised

$214M

across 5 funding rounds

Key investors in dMed

  • Qiming Venture Partners
  • HSG
  • Fidelity
  • Lilly Asia Ventures
  • Vivo Capital
  • Legend Capital

dMed Overview

About dMed

dMed is a global clinical contract research organization with offices in Shanghai, Beijing, New York, San Francisco, and Brussels. It delivers full-service solutions including Phase I-IV trials, regulatory consulting, biostatistics, and pharmacovigilance for pharma and medtech clients in oncology and CNS therapeutics.


Founded

2016

HQ

ChinaShanghai

Status

Privately held

Customer focus

B2B

Revenue model

Services

Valuation

$700M (Jul 2021)

dMed Valuation

dMed is currently valued at $700M, based on its Series C in July 2021.

The $50M round was led by SpringHill Management, with participation from Superstring Capital, Fidelity, Rock Springs Capital and HSG.

dMed's valuation has grown 1.8x from $400M at its Series C in December 2020 to $700M in July 2021, across 2 priced rounds.

dMed valuation by funding round

dMed valuation by funding round
DateStageValuation
Jul 2021Series C$700M
Dec 2020Series C$400M

dMed Funding History

dMed has raised a total of $214M across 5 funding rounds.

dMed's first fundraising round was a $8M Series A in December 2016. The most recent completed round was a $50M Series C in July 2021.

dMed funding rounds

dMed funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2021Series CSpringHill Management (lead); Superstring Capital; Fidelity; Rock Springs Capital; HSG$50M$700MdMed (also listed as Caidya in some filings) is a healthcare technology company that raised capital through multiple funding rounds. The company operates in the healthcare services and technology space, with a strategic focus on acquisitions and consolidation within the healthcare vertical. In July 2021, the company completed a Series C - II funding round, raising $50 million from investors including SpringHill Management, Rock Springs Capital, and Superstring Capital. The round valued the company at $700 million post-money. The company has a history of healthcare acquisitions, including Clinipace in April 2021 for $160.27 million.
Dec 2020Series CFidelity (lead); Qiming Venture Partners; Vivo Capital; Kaiser Permanente; Lilly Asia Ventures; HSG$100M$400MdMed, a Shanghai-based clinical contract research organization, completed a US$100 million Series C financing in December 2020. The round was led by Fidelity Management & Research Company. New investors were Sequoia Capital China, Kaiser Foundation Hospitals and E Fund, and existing backers Qiming Venture Partners, Lilly Asia Ventures and Vivo Capital also took part. The company said the round was meant to widen its investor base to long-term, public-market-focused institutions and strategic partners in preparation for a future IPO, and to support its organic growth and acquisition strategy. dMed was founded in 2016 by Dr. Lingshi Tan, who serves as chairman and chief executive. It is a full-service CRO serving pharmaceutical and medical device companies in China and globally, helping Chinese biotechs reach the US market and Western firms navigate China's clinical and regulatory environment. Its services cover regulatory affairs, early clinical development, clinical operations, biostatistics, data management, pharmacovigilance and quality assurance. The company has offices in Shanghai, Beijing, Wuhan, New York, Washington, San Francisco and Brussels and about 600 employees.
Oct 2019Series BVivo Capital (lead); Qiming Venture Partners; Lilly Asia Ventures; Legend Capital$50M-dMed Biopharmaceutical Co., Ltd., a Chinese full-service Clinical Contract Research Organization (CRO), completed a nearly US$50 million Series B financing on October 16, 2019, led by Vivo Capital with participation from Legend Capital, Qiming Venture Partners, and Lilly Asia Ventures. The funding aims to accelerate expansion of its comprehensive clinical operations and information technology infrastructure, while extending global capacity in clinical development and product registration. dMed, founded in 2016 and led by Dr. Lingshi Tan, has established a solid reputation as a next-generation CRO capable of high-level research and development mandates within three years. Vivo Capital, a healthcare-focused investment firm with over $3 billion under management at the time, highlighted dMed's growth potential and industry standing. The firm, active since 1996, invests across stages in U.S., Europe, and Greater China, with offices in Palo Alto, Beijing, Shanghai, Hong Kong, and Taipei. Subsequent developments include a Series C round led by Fidelity Management and Research Company LLC with participants like Sequoia Capital China, and a 2021 Series C+ financing of US$50 million led by Springhill Fund, involving Rock Springs Capital and Superstring Capital, which financed the merger with Clinipace to form dMed-Clinipace. The combined entity operates as a global CRO with over 1,700 staff across 22 offices, specializing in oncology, rare diseases, gastroenterology, nephrology, and women's health.
Jul 2018Series BQiming Venture Partners (lead)$6M--
Dec 2016Series AQiming Venture Partners (lead); Tairui Investment; Zai Lab$8M-dMed Company Limited, a Chinese clinical contract research organization (CRO) specializing in biopharmaceutical clinical development services, completed its first-round (Series A) financing of $8 million in November/December 2016. Qiming Venture Partners led the round, with participation from Tairui Investment and Zai Lab. The funding aimed to accelerate dMed's growth, scale operations, and support projects from innovative companies like Zai Lab.

Who has invested in dMed?

12 investors have backed dMed across its funding rounds, including Qiming Venture Partners, HSG, Fidelity, Lilly Asia Ventures, Vivo Capital and Legend Capital.

Lead investors include SpringHill Management, Fidelity, Vivo Capital and Qiming Venture Partners.


dMed Investors

Investors in dMed by funding rounds participated
InvestorHQRoundsRoleFirst check
Qiming Venture PartnersChinaShanghai4LeadDec 2016
FidelityUnited StatesBoston, MA2LeadDec 2020
Vivo CapitalUnited StatesPalo Alto2LeadOct 2019
Lilly Asia VenturesChinaShanghai2ParticipantOct 2019
HSGHong KongHong Kong2ParticipantDec 2020
Superstring CapitalUnited StatesNew York City, NY1ParticipantJul 2021
Tairui Investment--1ParticipantDec 2016
Kaiser PermanenteUnited StatesOakland1ParticipantDec 2020
Rock Springs CapitalUnited StatesBaltimore, MD1ParticipantJul 2021
SpringHill ManagementUnited KingdomLeeds1LeadJul 2021

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Acquisitions by dMed

dMed has acquired 1 company to date.

Last acquisition by dMed was on April 28th 2021. dMed acquired Clinipace for $233M.


Latest Acquisitions by dMed

Clinipace
Description
Clinipace is a Morrisville, North Carolina-headquartered clinical research organization founded in 2003. It supplies integrated services including clinical monitoring, data management, biostatistics, and regulatory support to biopharmaceutical and medical device companies. The firm manages trials in therapeutic areas such as oncology, cardiology, and rare diseases across North America and Europe.
HQ CountryUnited States
HQ City
Raleigh, NC
Deal Date28 Apr 2021
Valuation$233M
EV/Revenue
EV/EBITDA

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dMed Competitors

dMed competitors include listed companies like Gubra, Neogen Chemicals, Sirio Pharma Co and Suven Life Sciences, and private ones like Sonoma Biotherapeutics and Direct Biologics.

Public and private companies comparable to dMed
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GubraDenmarkDenmarkPublicly listed$395M$322M$730M4.5x
Neogen ChemicalsIndiaIndiaPublicly listed$89M$13M$670M7.0x
Sonoma BiotherapeuticsUnited StatesSan Francisco, CAPrivate--$732M-
Direct BiologicsUnited StatesAustin, TXPrivate--$660M-
Sirio Pharma CoChinaChinaPublicly listed$641M$52M$776M1.4x
Suven Life SciencesIndiaIndiaPublicly listed$749K($29M)$809M-

dMed Public Comps

dMed is still privately-owned, but its public comps include Gubra, Neogen Chemicals, Sirio Pharma Co, Innova Captab, Suven Life Sciences, R&G PharmaStudies, Symbiotec Pharmalab, Evotec, Aarti Pharmalabs and Oxford BioMedica.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Gubra$395M$322M1.6x4.5x1.9x10.6x
Neogen Chemicals$89M$13M9.4x7.0x63.3x42.9x
Sirio Pharma Co$641M$52M1.4x1.4x17.6x8.2x
Innova Captab$169M$26M3.8x3.3x25.1x21.7x
Suven Life Sciences$749K($29M)1000.8x-(25.9x)-
R&G PharmaStudies$128M$27M4.4x3.9x20.5x20.7x
Symbiotec Pharmalab$92M$24M9.6x-36.0x-
Evotec$882M$25M0.5x0.7x19.0x(5.1x)

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Common questions about dMed

When was dMed founded?dMed was founded in 2016.
Where is dMed headquartered?dMed is headquartered in Shanghai, China.
Is dMed publicly listed?No, dMed is a private, VC-backed company.
What is dMed's valuation?dMed was last valued at $700M in its Series C in July 2021.
How much funding has dMed raised?dMed has raised $214M across 5 funding rounds.
What was dMed's last funding round?dMed's last funding round was a $50M Series C in July 2021, led by SpringHill Management.
Who are dMed's investors?dMed's investors include Qiming Venture Partners, Fidelity, Vivo Capital, Lilly Asia Ventures, HSG, Superstring Capital, Tairui Investment, Kaiser Permanente, Rock Springs Capital, SpringHill Management and 2 others.
Which companies are comparable to dMed?Companies comparable to dMed include Gubra, Neogen Chemicals, Sonoma Biotherapeutics, Direct Biologics, Sirio Pharma Co and Suven Life Sciences.
How many companies has dMed acquired?dMed has acquired 1 company, including Clinipace.
What was the largest acquisition by dMed?The $233M acquisition of Clinipace in April 2021 is the largest acquisition dMed has made to date.

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