Ireland-based clinical trial technology provider Teckro has raised $25m in a new financing round led by Founders Fund to support its international expansion and drive product development.
The financing round, which brings the company’s total funding to $43m, was also joined by Sands Capital Ventures, Bill Maris’ Section 32 venture fund and Borealis Ventures.
Founded in 2015, Teckro provides a machine learning platform that is said to make trials fast, accurate, simpler and more transparent for doctors, researchers and patients.
On its website, Teckro CEO Gary Hughes said: “We challenge ourselves to find the best, most forward-looking way to deliver successful trials.
“What happens before the data is recorded has a much bigger impact on your trial’s outcome than any number of post-hoc remedial actions or strategies. In an industry focused on retrospective activities, it just makes sense to look at things differently.”
Teckro platform is currently used by approximately 10,000 clients across 80 countries, including pharma majors and small biotech companies.
Headquartered in Limerick, Teckro also has operations in Dublin, Ireland and Nashville, US. The company employs a total of approximately 100 people.
Reuters noted that testing in humans is the most expensive stage of drug development. The costs keep increasing as the development becomes more complex.
Teckro intends to make the process simpler by making some of the paperwork digital and enabling quick retrieval of information, the news agency added.
Hughes was quoted as saying: “It’s really about providing answers to day-to-day questions any doctor and nurse may have in the context of a clinical trial in an instant.”