Datacubed Health (Datacubed), an end-to-end digital clinical trial platform, announced an investment from Sterling Partners, an investment firm focused on transformational growth.
Founded in 2016, Datacubed has raised nearly $30 million to date. The company employs less than 50 people with an office in Brooklyn, New York.
Datacubed plans to use the new funds for talent development, increase operational efficiencies, and expand to adjacent markets.
“Clinical trials are incredibly complex, often involving thousands of participants, costing tens of millions of dollars, and lasting a decade or more. And, these critical studies still rely on outdated forms of patient communication and tracking that create friction and data gaps throughout the trial process, resulting in errors and delays in bringing potentially life-saving drugs to market,” the company said.
Datacubed develops an electronic clinical outcomes assessment platform (designed to capture patient data through the use of smartphone apps, web interfaces, wearables, and other digital tools) that allows clinical trial study teams to set up trials within minutes and facilitates engagement with trial participants.
According to the company, the platform increases clinical trial compliance rates from an average of 60-70% to over 85%, which significantly decreases trial costs and brings products to market earlier.
“Most trial-related processes are inefficient and require extensive face-to-face time from patients, clinicians, and trial managers,” said Brett Kleger, CEO of Datacubed. “COVID-19 has completely uprooted the old way of conducting clinical trials. Datacubed’s technology meets today’s clinical research needs by making the entire process easier for patients and materially improving retention through behavioral science to better understand the human condition.”
Digital clinical trial software companies raised over $600 million since 2015. Trialbee, a Swedish digital clinical trial recruitment platform, raised €11 million (~$12 million) in a funding round. Medable, a decentralized clinical trial platform, raised $25 million in funding.
Learn more about digital clinical trial companies.