Cloud-based solutions provider Reify Health has raised $30m through Series B financing to advance its tools for the clinical trial ecosystem.
Led by Battery Ventures, the financing round also included participation from existing investors Sierra Ventures and Asset Management Ventures.
US-based Reify developed its platform ‘StudyTeam’ to upgrade the systems that health care personnel at clinical research sites depend on in order to run trials, allowing them to reduce their workload and “accelerate” clinical trial enrolment.
Reify Health CEO and co-founder Ralph Passarella said: “The life science industry spends over four billion dollars every year on technologies aimed at making clinical trials more efficient.
“Yet, very little of that investment goes towards technology that helps the frontline healthcare staff who enrol and care for patients.
“If we want to make clinical trials faster, cheaper, and more predictable, the industry can’t keep building technology that increases efficiency for some but decreases efficiency for those working directly with patients. We decided that we needed to change that.”
StudyTeam orderly ‘eliminates’ redundant work across the clinical trial process and generates insights that are used to speed-up trial process.
Over 1,800 research sites in 26 countries are already using Reify’s StudyTeam platform. Global biopharma companies, such as Eli Lilly and Amgen, also use Reify’s product.
Battery Ventures general partner Neeraj Agrawal said: “We see tremendous opportunity for Reify Health to transform the life sciences industry and are thrilled to partner with them to bring life-saving drugs to patients faster.
“Healthcare staff have no shortage of tools being ‘pushed’ to them by trial sponsors and can be jaded about new software as a result. It is fascinating to see how much clinical research sites love using StudyTeam, so much so that they proactively reach out to sponsors to get them onboard.”