Paradigm, a healthcare technology company focused on improving access to clinical research for patients, raised $203 million in Series A funding.
ARCH Venture Partners and General Catalyst led the investment round with participation from F-Prime Capital, GV, LUX Capital, Mubadala Capital, Magnetic Ventures, and the American Cancer Society’s BrightEdge.
Commenting on the funding news, Kent Thoelke, CEO of Paradigm, said:
“The clinical research and drug development process is failing the very people it’s meant to serve.” “Patients who might be best served with participation in a clinical trial often can’t get access or aren’t offered access to trials, research departments are chronically overburdened with significant barriers to entry created by trial complexity, and as a result, sponsors’ study timelines continue to lengthen at a higher cost. The system is broken, and the human cost of inaction is unacceptable.”
“Paradigm is reimagining the entire drug development paradigm by upending the status quo and focusing on equitable access to clinical research at scale from the start,” added Kent Thoelke.
The company has a big goal:
Paradigm aims to change the status quo of how clinical trials are conducted today. Paradigm is rebuilding the clinical research ecosystem by creating a platform that enables equitable access to trials for all patients, while enhancing trial efficiency and reducing the barriers to participation for healthcare providers. By breaking down barriers across the trial ecosystem through one seamless infrastructure implemented at community healthcare provider organizations, Paradigm can allow healthcare providers and trial sponsors to work together to conduct trials more effectively and bring potentially life-saving therapies to patients faster.
With new funds, Paradigm plans to expand its existing platform and scale its partnerships with healthcare systems and life sciences companies.
Investors
ARCH Venture Partners, an investment firm that provides seed / early-stage venture capital for technology firms in information technology, life sciences, and physical sciences, has invested more than $500 million in healthcare technology companies to date, according to our database. The firm’s latest investment portfolio includes – Rippl, Elephas, Happy Health, Homeward, Recuro Health, ImmuneID, and Mindstrong.
“Clinical research is ready for a reboot,” said Robert Nelson, Paradigm Board Co-chair and Co-founder and Managing Director of ARCH Venture Partners. “Today the system is broken in almost every respect – patient access is too narrow, incentives are misaligned, and poor trial design slows development.”
“We saw an opportunity to fundamentally rebuild the system and fix the business model. The Paradigm team has the right experience to overhaul clinical research, and we’re committed to supporting their execution of our shared vision.”
Digital health startups providing clinical research software solutions have raised more than $5 billion in funding to date, according to our funding database.
The latest funding rounds in the clinical research software include:
iThera Medical, a provider of optoacoustic imaging systems for preclinical and clinical research, announced the closing of €13 million investment round, led by TRUMPF Venture with participation by the EIC Fund as co-investor in addition to existing investors Mey Capital Matrix, Wachstumsfonds Bayern, BayBG, Fluxunit, Falk Strascheg Holding, and Occident.
PictorLabs, a digital pathology company advancing AI-powered virtual staining technology to revolutionize histopathology and accelerate clinical research to improve patient outcomes, announced the completion of its $15.2 million financing round led by M Ventures, SCC Soft Computer, and Koç Holding. Since its founding in 2019, PictorLabs has raised $18.8 million to commercialize virtual staining and reimagine the future of histopathology.
Rhino Health, a provider of an AI-enabled healthcare data analytics platform for medical researchers, raised $6.7 million in an additional seed funding round co-led by Fusion Fund and LionBird Ventures with participation from Qiming Venture Partners, Maccabi Health Services, and Arkin Holdings.
