Medical trial tech firm Reify Well being raised $220 million in Sequence D funding, boosting the corporate’s valuation to $4.8 billion.
The spherical was led by Altimeter Capital and Coatue with participation from Dragoneer Funding Group, ICONIQ Progress, Adams Road and Battery Ventures.
The Sequence D comes lower than a 12 months after one other $220 million increase introduced in August. The corporate additionally introduced in $30 million in Sequence B financing in 2020.
WHAT IT DOES
Reify presents scientific trial tech infrastructure and help via two manufacturers, StudyTeam and Care Entry. StudyTeam is cloud-based software program for research websites and sponsors to help in recruiting, pre-screening and enrolling sufferers in scientific trials.
Care Entry helps sponsors handle decentralized scientific trials by offering touring analysis workers and investigators, in addition to delivering provides and establishing amenities.
WHAT IT’S FOR
Reify plans to make use of the funding to level its instruments towards bettering scientific trial variety, a long-term concern for the healthcare and life science industries. The corporate can also be launching an initiative with its companions to know the boundaries to enrolling underrepresented teams in trials and setting objectives to enhance over the subsequent 10 years.
“As we checked out what must be accomplished to carry illustration and inclusion to scientific trials, we reached two conclusions,” CEO Ralph Passarella stated in a press release.
“First, whereas all of us desire a fast answer, this can be a advanced, multi-layered drawback that may require vital useful resource commitments over the subsequent decade to attain significant, long-lasting enhancements.
“Second, we acknowledged that we’re uniquely positioned to do work that may make an influence on this drawback via our two companies, Care Entry and StudyTeam. We see what must be accomplished and have a strategy to contribute, so we’ve got the accountability to behave.”
MARKET SNAPSHOT
Earlier this week, THREAD, a startup that provides decentralized scientific trial instruments, introduced it had acquired CureClick, a platform for recruiting and enrolling sufferers.
Med tech large Royal Philips has additionally been constructing instruments for decentralized scientific trials, together with an ECG system rolled out in January that permits individuals to report knowledge with out going to a website or requiring an in-home clinician.
Different corporations within the tech-enabled scientific trial area embrace Medable, which scooped up greater than $300 million in Sequence D funding in October; TrialSpark, which raised $156 million final 12 months; and Science 37, which lately went public by way of a particular function acquisition firm merger.
