Florence Healthcare has raised $27m in a Series C-1 financing round led by global software investor Insight Partners, to double the output of clinical trials.
So far, the clinical trial software company has raised $114.1m.
The funds from the latest round will support Florence’s goal to double the output this decade by facilitating remote access.
The company will use the proceeds to improve its product offerings, expand staffing, and expedite the connectivity across its growing worldwide network of more than 10,000 trial sites and sponsors.
Florence’s eBinders platform simplifies operations for trial sites in 45 countries with digital document workflows that enhance user adoption, boost regulatory compliance and offer seamless remote connectivity.
Furthermore, by connecting sites, sponsors and contract research organisations (CROs) in a combined document workflow environment, the company’s SiteLink platform currently supports four million remote research activities in a month.
Utilising SiteLink, sponsors can now connect to trial sites remotely for all phases and treatment areas of the clinical studies.
Digitalising research operations will aid in diversifying the site landscape and permit trials to be carried out at sites that are closer to underrepresented patient populations who cannot afford to travel to key academic medical centres.
Florence Healthcare chief clinical trial officer Catherine Gregor said: “In our network, we are seeing new types of research sites come online because of the efficiency technology delivers, from pharmacies and labs to community clinics and primary care providers.
“These new patient access points will allow faster enrolment and increased diversity among trial participants and that means drugs and devices will have a safety profile more inclusive of the patients they will treat.
“Additionally, increased representation in study participants will help sponsors better meet the evolving guidelines for regulatory approval.”