Led by Insight Partners, the financing round was joined by existing investors Fulcrum Equity Partners, Bee Partners, and Flashpoint.
The proceeds from the funding will aid Florence to better connect pharmaceutical firms and study sites, facilitating decentralised trials and structured drug development lifecycles.
Insight Partners Principal Jon Rosenbaum, and its managing director and Medidata former chairman Peter Sobiloff will now be part of Florence’s board of directors.
Florence co-founder and CEO Ryan Jones said: “Remote connectivity and virtual collaboration became a requirement after Covid-19. With one in three study sites around the world using our software, we were able to help.
“Not only do pharmaceutical companies, clinical research organisations, and sites use Florence to manage their Covid studies, they also leveraged our software to ensure that hundreds of other clinical trials across every disease area were able to progress as the industry pivoted to remote work.”
By bolstering regulatory compliance, enhancing user adoption and offering remote connectivity, Florence simplifies operations for more than 8,500 study sites in 34 countries.
Florence noted that its solutions offer 25% quicker clinical trial startup time, lower document cycle times by 40% and support over three million remote monitoring activities monthly.
Rosenbaum said: “There are many market factors elevating the role of clinical trial sites in driving successful outcomes. This includes growth in adaptive trials and general trial volumes, virtualisation of trials, increasing complexity, and the rise in use of precision medicine.
“Florence’s focus on sites’ adoption of software, with the entirety of the pharma value chain in mind, gives them a unique opportunity to drive value in clinical trials.”
In 2019, Florence raised $7.1m in a Series B funding round.