Reify Health has secured a funding of $220m in a Series D round to expedite its efforts to improve diversity as well as representation of subject participation in clinical trials.

The funding round, which was co-led by Altimeter Capital and Coatue, brings the company’s valuation to more than $4.8bn.

Dragoneer Investment Group and existing investors Adams Street, Battery Ventures and ICONIQ Growth also took part in the round.

Reify Health CEO Ralph Passarella said: “As we looked at what needs to be done to bring representation and inclusion to clinical trials, we reached two conclusions.

“First, while we all want a quick solution, this is a complex, multi-layered problem that will require significant resource commitments over the next decade to achieve meaningful, long-lasting improvements.

“Second, we recognised that we are uniquely positioned to do work that can make an impact on this problem through our two businesses, Care Access and StudyTeam. We see what needs to be done and have a way to contribute, so we have the responsibility to act.”

The company provides trial optimisation technology and a decentralised clinical trial infrastructure through StudyTeam and Care Access entities.

Furthermore, Reify Health is set to launch an initiative called Bringing Representation, Inclusion, and Diversity to Global Enrollment (BRIDGE) to dedicate its capabilities in partnership with like-minded organisations.

The initiative is aimed at achieving two primary objectives.

Initially, the company aims to build a strong understanding, both qualitative and quantitative, of the barriers to underrepresented minority groups that take part in clinical trials.

Secondly, Reify Health plans to deliver solutions that overcome these barriers.

In August last year, Reify Health raised $220m in a Series C funding round to support its efforts in minimising timelines for clinical trial and eliminate drug development delays.