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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 potency for some but decreases the power for those who paint directly with patients.”
“Covid’s pandemic has set aside the importance of the 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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