Clinical Trials Platform HealthMatch Secures $7M in Series C Funding

HealthMatch, an Australian startup offering a platform to match patients to clinical trials, recently closed a 10 million Australian dollars ($6.8 million) Series C funding round led by Folklore Ventures. The round was also joined by Square Peg Capital and other investors.

Launched in 2017, the company is now used by over 1 million patients worldwide and has made over 3.6 million clinical trial matches covering over 300 conditions to date.

WHAT’S THE POINT

According to a press release, the new funds will be used to further expand the reach of its team and platform across the United States. HealthMatch noted that its US business has been a major contributor to its growth, with the company averaging 100,000 new user registrations per month since its launch in October last year.

“We have excellent healthcare in Australia where access to major healthcare providers and medicines is publicly available through Medicare. Unfortunately this is not the case in the US and we have seen strong interest in access to trials, especially in underserved and diverse communities that are under-resourced,” CEO and Founder Manuri Gunawardena said of the US clinical trials market.

WHY IS IT IMPORTANT

HealthMatch says there has been significant demand from pharmaceutical companies for solutions that address clinical trial efficiency and reduce risk in the process of bringing new drugs to market given that 80% of trials clinics around the world are delayed and abandoned due to poor recruitment – ​​a problem that costs the industry billions every year.

The company is increasingly collaborating with pharmaceutical companies such as Roche, AbbVie, Boehringer Ingelheim and budding biotech companies like Imugene and Earli. It leverages insights from 32 million anonymized and aggregated patient records to help them design better trials and choose where to conduct them to ultimately deliver better treatments to patients.

MARKET OVERVIEW

Another Australian clinical trial technology start-up, Evrima, also recently raised A$3 million ($2 million) in funding to increase its workforce and expand its offering.

In May, uMotif, a London-based company that develops patient data collection software for clinical trials and research, has made an investment of $25.5 million to continue its international expansion.

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