US-based clinical trials software firm Florence has raised $7.1m in a Series B funding round to create digital connectivity between trial sites and sponsors.

The financing round was led by Fulcrum Equity Partners. Atrium Health and Bee Partners also joined the funding round.

Over the last five years, Florence used its eRegulatory and eSource solution called eBinders to build a global network of more than 5,000 clinical trial sites.

By connecting the trial sites and sponsors, the company expects to enable a quick exchange of study document and data. This is expected to speed-up medical developments, as well as minimise drug development costs and compliance risks.

Florence CEO Ryan Jones said: “Clinical drug trials are slower and more expensive than ten years ago, halting access to cutting edge medicines.

“Our new partners, Fulcrum, Atrium, and Bee, will now allow us to digitally connect sites to pharmaceutical sponsors and clinical research organisations (CROs), creating a new type of research network that speeds progress.”

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The company intends to use the funds to expand its product offerings, along with sales, marketing and customer success teams.

Florence marketing head Blake Adams added: “Between July 2018 and July 2019, the activity of sponsors and CRO users on the Florence platform increased by 229%.

“The rapid adoption by sponsors/CROs is a result of both the platform functionality and the cost savings resulting from remotely connecting to sites, as well as response to the increasing regulatory pressure for real-time oversight of trial sites.”

Apart from the eBinders solution for trial sites, Florence provides eTMF and eHub solutions for sponsors and CROs.