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Thursday, February 9, 2023

Clinical trial startup ProofPilot raises $12M to expand its reach

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ProofPilot has raised $12 million in a funding round. The American startup focused on clinical trials will use the money to expand its reach.

ProofPilot, a clinical trials startup based in New York, has announced a $12 million Series B fundraising round. The round was led by Mitsui & Co., with participation from Sopris Capital, First Trust Capital Partners, Excelra, and others.

According to a source, this latest round of fundraising takes the company’s overall funding round to around $15.7 million.

The company developed a software-as-a-service research platform that it claims can assist companies and researchers in conducting trials on “regulated and non-regulated products and services” without the requirement for internal infrastructure.

The startup, which was founded in 2014, is focused on assisting research institutions in designing trials, engaging patients, integrating with apps, and sharing data.

In 2020, the company will collaborate with Massachusetts General Hospital (MGH) and Google Cloud to develop a new clinical research platform for academic medical facilities and universities.

The company intends to use the fresh capital to broaden its reach.

“Through our cost-effective and digitally-enabled platform, pharmaceutical and medical-device businesses may expand the efficacies of their existing products and explore the possibilities of digital health solutions,” said Matthew Amsden, ProofPilot’s CEO and cofounder, in a statement.

“For the first time, health and wellness enterprises can now access clinical studies at a reasonable cost to validate their goods and services.

Furthermore, individuals can effortlessly participate in clinical trial assistance.”

Hundreds of millions of dollars are being poured into the digital clinical-trial industry by investors.

Medable, a company that specialises in digital decentralised clinical trials, received $304 million in Series D funding in October.

However, that isn’t the only nine-figure transaction in the space. TrialSpark, a health-tech platform that allows physicians to become clinical trial sites, has received $156 million in Series C funding.

Florence, which received $80 million in Series C funding, and Lightship, which received $40 million in funding, are both clinical-trial companies.

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