HealthMatch, an Australian start-up providing a platform to match patients with clinical trials, recently closed a AU$10 million ($6.8 million) Series C funding round. ) led by Folklore Ventures. The round also featured Square Peg Capital and other investors.
Launched in 2017, the company is currently used by over a million patients worldwide and has performed over 3.6 million clinical trials with over 300 conditions to date.
According to a media release, the new funds will be used to further expand the reach of its platform and team across the United States. HealthMatch notes that its U.S. business has been a major contributor to the company’s growth, with the company seeing an average of 100,000 new sign-ups per month since its launch in 2016. October last year.
“We have excellent healthcare in Australia, where access to top healthcare providers and drugs are publicly available through Medicare. Unfortunately, this is not the case. case in the United States, and we see a strong interest in access to trials, especially from the “under-resourced” and diverse communities, CEOs and Founder Manuri Gunawardena talks about the US clinical trial market.
WHY IT IMPORTANT
HealthMatch states that there is significant demand from pharmaceutical companies for solutions that address the effectiveness of clinical trials and improve the process of bringing new drugs to market as 80% of clinical trials Availability around the world is being delayed and abandoned due to poor hiring – a problem that is costing the industry billions of dollars annually.
The company is increasingly partnering with pharmaceutical companies, such as Roche, AbbVie, Boehringer Ingelheim, and emerging biotech companies such as Imugene and Earli. It leverages insights from 32 million aggregated and unidentified patient information to help them design better trials and choose where to conduct them to ultimately deliver better treatments for patients. patient.
SNAPSHOT . MARKET
Another clinical trial technology startup from Australia, Evrima, also recently raised AU$3 million (US$2 million) in funding to expand its headcount and supply size. grant.
In the May, uMotifa London-based company that develops patient data collection software for clinical trials and research, has scored a $25.5 million investment to continue its international expansion.