Faro Health, a provider of an end-to-end clinical trial management platform for biopharma and medical device companies, raised $20 million in additional funding.
Global venture capital firm General Catalyst led the investment round with participation from returning investors Section 32, Polaris Partners, Zetta Ventures, and Northpond Ventures.
The startup plans to use the new funds to scale its clinical trial solutions that help simplify the complexity of modern clinical protocol development and execution.
Commenting on the funding news, Elena Viboch, Partner at General Catalyst, said: “Faro has developed software that allows rapid evaluation of clinical study costs, accessibility to patients, and ease of study conduct.” “By helping study teams answer complex questions, Faro’s solution aims to improve lives by bringing more efficiency to clinical trials.”
Top drug developers use our platform to reduce the time and cost of trials, Faro Health said in a press statement. The Faro platform, powered by multifaceted data, provides teams that design and author clinical studies with real-time insights into the protocol design. The platform assists teams with collaboratively designing and authoring studies that answer key scientific questions in the least burdensome way for patients, sites, payers, and regulators. Deep automation eliminates inconsistencies and errors through standardization and transformation of protocol content that can then be used to propagate applicable study documents and program downstream systems.
“The technology used to design clinical trial protocols has not adapted to support the complexity of protocol design required by the current innovations in life sciences,” said Scott Chetham, co-founder and CEO of Faro.
“The Faro platform helps teams understand and mitigate the risks involved in modern protocols with enormous savings in direct costs and time. Our platform can also help amplify and accelerate biopharma’s existing investments in Transcelerate’s Common Protocol Template, Digital Data Flow, Content Reuse and other initiatives,” added Scott Chetham.
Digital clinical trial software startups have raised almost $2 billion in funding to date, according to our funding database.
SubjectWell, an online clinical trials marketplace for people suffering from chronic health conditions, raised $35 million in Series B funding led by Asset Management Ventures, with participation from all existing investors, Healthy Ventures, Windham Venture Partners, and Geekdom Fund.
HealthMatch, an online clinical trial recruitment platform that helps users find and schedule the right clinical trials in Australia, raised A$10 million in Series C funding led by Folklore Ventures with Square Peg Capital.