TrailReach, which provides an online platform that connects healthcare companies and organisations, has netted £2 million through its latest funding round.
Existing backer Amadeus Capital Partners has been joined by new investor Octopus Investments. Amadeus first backed TrialReach back in October 2011 when it injected $1.2 million (£773,000).
According to a statement, TrialReach’s platform provides details of 70,000 clinical trials that are currently authorised and regulated by health authorities.
Pablo Graiver, CEO of TrialReach, comments, ‘It’s a huge endorsement of our technology and vision to secure this investment from Octopus and we are delighted to have them on board, alongside the continuing support of Amadeus.
‘The funding will help us develop our products further and launch new solutions that we have in the pipeline, all with the consistent view of helping patients and medical organisations make clinical research more efficient.’
The investment for Octopus is its second of the year following its top up investment for technology company Metrasens. The firm has also joined up with Salesforce.com, Notion Capital and MMC Ventures to form a new competition for European start-ups creating enterprise cloud apps on the Salesforce.com platform.
Alliott Cole, principal on the ventures team at Octopus, adds, ‘The team has created a unique platform that has the ability to improve the efficiency of medical research, by making it easier for people to explore, understand and access the latest clinical trails.
‘Data shows that finding the required number of patients delays the vast majority of clinical trails. TrialReach offers a fantastic solution to a problem that the pharmaceutical industry is only going to find more challenging as it looks to recruit patients for clinical trials to support drug development.’