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A company that markets cloud computing systems for the biopharmaceutical sector has raised $30 million in a Series B funding cycle.
Boston-based Reify Health said Wednesday that it closed the tour, led through Battery Ventures, with a stake in Sierra Ventures and Asset Management Ventures. The company’s software, StudyTeam, is designed to upgrade PC systems used by fitness workers at clinical trial sites for study, helping to increase recruitment and reduce workload, he said. The company said it planned to use the cash to continue expanding the system.
“The life sciences industry spends more than $4 billion a year on technologies to make clinical trials more efficient,” Ralph Passarella, CEO of Reify Health, said in a statement. “However, very little of this investment is spent on the generation that is helping frontline fitness personnel who enroll and care for patients. If we need to make clinical trials faster, less expensive, and more predictable, the industry cannot continue to expand a generation that increases power for some, but decreases the power for those who paint directly with patients.”
In an example of the type of redundant paints the company seeks to reduce, study site staff have to spend several hours manually copying data on the recruitment and enrollment of patients from their own systems in clinical trial sponsor journals so that sponsors, such as pharmaceutical corporations, will have the data they want to ensure that registration is as effective as possible. StudyTeam, Reify said, reduces the time it takes to complete this task to a few minutes. The company says its software can speed up registration by an average of six weeks and is used on 1,800 sites in 26 countries as well as several major drug manufacturers.
In fact, clinical trial researchers have complained about how poor technology, poor communication, and hard paints arrive at the time when they want to conduct clinical trials.
“Covid’s pandemic has highlighted the overall speed of clinical trials,” Reify Executive Chairman Michael Lin said in a statement. “As the world sits and waits for Covid-19 vaccines and treatments, we will also need to remember that patients with many diseases like Alzheimer’s disease and complex breast cancer have been waiting for clinical trials for years.”
Photo Credit: Feodora Chiosea, Getty Images
Asset Management Ventures, Battery Ventures, biopharmacy nl, Boston, trials, cloud computing, Massachusetts, Reify Health, Sierra Ventures
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