A Series B funding round – led by Smedvig Capital – has raised $13.5 million for clinical trial information provider TrialReach.
The financing round was led by Smedvig Capital, with additional support from previous investors Amadeus Capital Partners and Octopus Investments. The figure of $13.5million represents one of the biggest financing rounds seen in the UK digital health space. Transatlantic business TrialReach is due to use the injection of cash to expand into the US market.
The main thrust of the company’s work revolves around connecting patients with clinical trials. A statement released by the trial information provider claimed that as many as one in five cancer trials in the US fails to find even one participant.
Funding round leader Smedvig Capital has invested more than £600 million of capital in various businesses since its formation in 1996. It typically invests from £2m to £15m in “fast-growing, innovative businesses”. Its model involves investing in a relatively small number of businesses in a year but then committing to spend time with each – adding value through leadership and commercial expertise.
TrialReach Pablo Graiver said Smedvig was an attractive partner due to its “significant experience working with early stage tech-enabled businesses”.
“Their hands-on support will accelerate our plans to become the industry standard for pharmaceutical companies seeking patients for clinical trials. We eagerly anticipate the opening of our New York office to jumpstart our business and sales efforts across the U.S,” he added.