Healthtech startup Science 37 announced a $31 million Series B round this morning. The company plans to use the financing to grow company operations and continue to develop its platform.
Founded in 2014, Science 37 offers decentralized end-to-end clinical trial services. Its platform aims to eliminate many of the inefficiencies in the clinical trial process, like reducing time and cost, which are significant contributing factors to negative patient experiences. Patients don't have to travel to participate in the program, something that hurt patient retention and recruitment in the past.
"The clinical trial process represents significant cost and risk in the development cycle for new therapeutics and medical devices," said incoming director Rob Faulkner at Redmile Group, which led the round, in a statement. "Science 37 brings a revolutionary approach to the clinical trial process and our investment underscores our confidence in the company's ability to deliver faster and less expensive clinical trials."
The funding was led by Redmile Group, with additional contributions from Lux Capital and dRx Capital, who contributed to the startup's Series A. Sanofi Genzyme BioVentures also made a strategic investment. Faulkner will join the Science 37 Board of Directors.
Images via Facebook