ForceClouds Secures Multi-Million Dollar Series A Funding to Challenge U.S. Life Sciences SaaS Leader Veeva

VCBeat (WeChat: vcbeat), May 22 – Zhang Yingnan, CEO of Yunshi Software, a SaaS provider in the life sciences sector, has officially confirmed to VCBeat that the company recently completed an exclusive Series A financing round worth millions of U.S. dollars, led by Fidelity International’s private equity arm, formerly known as Fidelity Asia Ventures. The funds have been fully received.

Yunshi Software, established in 2012, is a SaaS solutions provider dedicated to serving life sciences enterprises. It offers comprehensive SaaS solutions to manufacturers in the pharmaceuticals, medical devices, nutritional supplements, and crop science sectors. To date, Yunshi Software has secured over RMB 100 million in financing from top-tier venture capital firms both domestically and internationally.

As healthcare reform policies continue to advance, the internet healthcare industry is facing new opportunities and challenges following the surge of capital investment in previous years. Zhang Yingnan and his founded company, Yunshi Software, are part of this wave. Zhang Yingnan, who previously worked at Microsoft, Johnson & Johnson, and Veeva, has over 10 years of experience in information technology business management and system development within the pharmaceutical industry.

Zhang Yingnan, Founder & CEO of Yunshi Software

Given his background in the life sciences industry, extensive experience and clear understanding of CRM (Customer Relationship Management), as well as his encounter and collaboration with Veeva, Zhang Yingnan believes that he is capable of developing aLocalized benchmark products go head-to-head with Veeva.

Yunshi Software’s business model is similar to Veeva’s, starting with sales automation solutions and gradually expanding into core business areas such as marketing, clinical trials, distribution channels, and business decision-making. By leveraging big data-driven SaaS solutions, it enhances the efficiency of customers’ core operations.

However, compared with Veeva, Zhang Yingnan stated that CloudScape Software offers high cost-effectiveness and low comprehensive costs, providing localized solutions tailored to the needs of Chinese customers. It demonstrates a high level of support and emphasis on ultra-large multinational corporations, small and medium-sized multinationals, as well as domestic local companies, which constitutes CloudScape’s competitive advantage.

While maintaining the growth of its existing product lines, Yunshi is leveraging the power of artificial intelligence to explore new opportunities. The company’s current product portfolio includes: Business Suite: CRMpower (Customer Relationship Management System), TERRITORYpower (Territory Metric Management System), INCENTIVEpower (Bonus and Rebate Management System), and INSIGHTpower (Business Insight System); Clinical Research Suite: EDCpower (Weimei Electronic Data Capture System); as well as Big Data and AI Suite: DATApower (Data and Data Management System) and MEDpower (AI-driven Drug R&D). In 2017, the company launched China’s first AI-powered product for early screening and rehabilitation training of speech impairments in Parkinson’s disease patients using voice information.

Zhang Yingnan told VCBeat that more than 30,000 corporate users—including those from Fortune 500 companies, multinational corporations in specialized fields, and leading domestic enterprises—are utilizing Yunshi Software’s leading products and services.In 2016, Yunshi Software’s sales revenue reached RMB 15 million, achieving break-even. In the first quarter of 2017, its monthly contract sales surpassed RMB 10 million.

Yunshi's Customers

Following its latest round of financing, CloudPower Software will focus on three key development priorities in 2017: First, increase R&D and marketing investments in its mature product suite—the Business Suite—to gain a competitive edge against international giant Veeva in the Greater China market; second, launch new products within its Clinical Research Suite; and third, complete its strategic layout in AI-assisted drug discovery. Zhang Yingnan stated that the management team is fully confident in achieving these three objectives.

Cai Yuanxun, Partner at SDAO Capital, an investor in this round, stated: “Yunshi Software boasts a world-leading team of data scientists and possesses robust technical capabilities. With a strong portfolio of Fortune 500 clients who have placed their trust and recognition in its products, Yunshi has demonstrated an excellent business model. Furthermore, Yunshi Software has remained dedicated to exploring the life sciences sector, effectively integrating cutting-edge artificial intelligence technologies with medical services. The founding team exhibits remarkable strategic vision, and we are confident that Yunshi Software will achieve unprecedented success and become an unstoppable force in the future.”

Sun Dafei, Founding Partner of Sanxing Capital, a previous investor, expressed strong confidence in the future of Yunshi: “First, Yunshi Software has positioned itself at the forefront of two high-growth sectors—artificial intelligence and smart healthcare—and holds a commanding lead in market share within China’s vertical medical SaaS segment. Second, Yunshi’s data team has made substantial efforts in data collection, analysis, and mining. Data will become Yunshi Software’s core competitive advantage. Furthermore, Yunshi Software has applied artificial intelligence algorithms to specific areas of disease prevention and treatment, significantly outperforming industry competitors in big data analysis and mining. We are very optimistic about the future development of Yunshi Software.”

It is worth noting that Yunshi’s benchmark is the U.S.-based company Veeva, a global leader in cloud computing for the life sciences industry. Founded in 2007, Veeva currently serves nearly 400 clients worldwide, including 37 of the top 50 pharmaceutical companies globally. The company employs over 1,500 people and is headquartered in California, United States. In 2013, Veeva went public on the New York Stock Exchange, with its market capitalization once approaching $6 billion.

Given the substantial demand for SaaS services in China’s life sciences sector and the proven success of companies like Veeva, CloudPower’s prospects are promising.