Clinical trial startup ProofPilot scores $12M in Series C funding
New York-based ProofPilot, a startup focused on clinical trials, announced a $12 million Series B funding round. Mitsui & Co. led the round, with participation from Sopris Capital, First Trust Capital Partners, Excelra and others.
This new infusion of cash brings the company’s total funding round to roughly $15.7 million, according to Crunchbase.
WHAT IT DOES
The company created a software-as-a-service research platform that it says can help companies and researchers run trials on “regulated and non-regulated products and services” without needing 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 teamed up with Massachusetts General Hospital (MGH) and Google Cloud to build a new clinical research platform targeted at academic medical centers and universities.
WHAT IT’S FOR
The company is looking to use the new funding dollars to expand its reach.
“Through our cost-effective and digitally-enabled platform, pharmaceutical and medical-device companies can expand the efficacies of their existing products and explore the potential of digital health solutions,” Matthew Amsden, CEO and cofounder of ProofPilot, said in a statement.
“For the first time, health and wellness companies can now access clinical trials to substantiate their products and services at a manageable cost. Moreover, participants can seamlessly engage 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 isn’t the only nine-figure deal in the space. TrialSpark, a health-tech platform that lets providers become clinical-trial sites, scored $156 million in Series C funding. Florence, which raked in $80 million in Series C funding, and Lightship, which raised $40 million in funding, also work in the clinical-trial space.