Naxions Raises $10M in a New Round of Financing

According to VCBeat, Beijing-based Naxions Technology Co., LTD. ("Naxions") has raised $20 million in a new round of financing, led by Zhichun Capital, Matrix Partners China and Morningside Venture Capital, with participation from existing investors CCV, Volcanics Venture, and angel round investor FreesFund. Since closing of the former round in November, Naxions has completed the new round in just a few months. It has been recognized by domestic well-known investment firms for many times, which reflects the leading position of Naxions based on its two solutions of the data middle platform and primary doctor assistant.

Nguyen Wai, Naxions' founder, said proceeds from the latest round will be used for business expansion, technology development and product optimization.

Focuses on providing digital marketing solutions for pharmaceutical companies, Naxions' marketing service system is based on technologies of neuro-linguistic programming (NLP), big data analysis, convolution neural network and integration of regional medical data, and has formed medical knowledge map of medicine, diagnosis and treatment, medical materials, surgeries with doctors as the center. The system can achieve higher efficiency and help primary doctors to obtain the same professional information as other doctors. Naxions creates a data center serving the overall marketing system for the pharmaceutical firms and helps their marketing transformed into a digital way.

At present, Naxions has cooperated with more than 20 Top pharmaceutical companies, including Pfizer, Bayer, Takeda, Xian Janssen and Novo Nordisk. In terms of serving doctors, Naxions has users including 120,000 grass-roots doctors in more than 20,000 medical institutions in major provinces and cities except for Xizang, and has been widely praised among the customers. In 2019, the renewal rate of its system was 100%, the upsell rate of single drug was 250%, and the annual growth rate of its core business was 500%.

Affiliated with Matrix Partners, a premier U.S. venture capital firm, Matrix Partners China was founded in 2008 to focus exclusively on investments in China. Since its inception in 1977, Matrix Partners has made hundreds of investments and played an active role in the development of many successful businesses.

Morningside is one of China's earliest early-stage venture investors with around US$ 1.7 billion under management including four USD funds and one RMB fund, from the commitment of sovereign wealth funds, family offices, fund of funds, university endowments, etc. The firm prides itself on not only providing insight and industry experience, but also mental and operational support. Morningside has offices in Shanghai, Beijing and Hong Kong.