ProofPilot from New York, a startup focused on clinical trials, announced a $12 million Series B financing round. Mitsui & Co. led the round, with participation from Sopris Capital, First Trust Capital Partners, Excelra and others.
This new cash infusion brings the company’s total funding round to approximately $15.7 million. according to Crunchbase.
WHAT IT DOES
The company created a software-as-a-service research platform that can help companies and researchers conduct trials on “regulated and unregulated products and services” without the need for an internal infrastructure. Founded in 2014, the company is focused on helping research institutions design studies, engage patients, and integrate with apps or share results.
In 2020, the company partnered with Massachusetts General Hospital (MGH) and Google Cloud to build a new clinical research platform targeting academic medical centers and universities.
WHAT IS IT FOR?
The company wants to use the new funding dollars to expand its reach.
“Through our cost-effective and digitally supported platform, pharmaceutical and medical device companies can extend the efficiencies of their existing products and explore the potential of digital health solutions,” said Matthew Amsden, CEO and co-founder of ProofPilot, in a statement.
“For the first time, health and wellness companies now have access to clinical trials to support their products and services at a manageable cost. In addition, participants can seamlessly participate in clinical trial support.”
Investors are pouring hundreds of millions of dollars into the digital clinical trial space. Medable, which focuses on digital decentralized clinical trials, scored $304 million in Series D funding in October.
But that’s not the only nine-figure deal in the space. TrialSpark, a health technology platform that allows providers to become clinical trial sites, scored $156 million in Series C funding. Florence, which raised $80 million in Series C funding, and Lightship, which raised $40 million, are also working in the clinical trial room.