Swedish digital clinical trial recruitment platform Trialbee raised €11 million (~$12 million) in a funding round.
MTIP, the Basel Switzerland-based investment firm focused-on healthcare tech companies, led the financing round. Since 2016, the investment firm has invested over $100 million in tech-enabled healthcare companies, including a recent, $21 million investment in the Oviva, the digital programs for diabetes patients.
Existing investors Industrifonden and Briban Invest also participated in the funding round.
Trialbee plans to use the latest proceeds to accelerate its growth and enhance the technology platform, which integrates real-world data and analytics to recruit and engage patients for clinical trials.
“Recruiting the right patients into the right clinical trial is essential for successful drug development. Traditionally, this process has been cumbersome, expensive, and highly inefficient. We liked that Trialbee is revolutionizing the patient recruitment process by deploying digital technologies that are used to source, engage, and retain patients,” said Dr. Christoph Kausch, CEO and Founding Partner at MTIP.
The Trialbee platform facilitates end-to-end clinical trial recruitment services for pharmaceutical companies. Its services include e-recruitment, patient retention, feasibility studies, and outcome reporting.
The company, founded in 2010, has raised over $27 million, including a $5 million Series A funding round in 2015.
Last year, Trialbee announced a partnership with TriNetX (a clinical trial process optimization software) to accelerate patient-centric clinical trials further. Early last year, TriNetX secured $40 million in Series D financing, which was Merck Global Health Innovation Fund (Merck GHIF).
Late last year, TrialJectory, an AI-based clinical trial-matching platform that uses self-reported clinical information to facilitate the clinical trial search and enrollment by cancer patients and their physicians, secured $2.7 million in a Seed funding round, led by Contour Venture Partners.
The global clinical trials market size is projected to reach almost $70 billion by 2027.