Koneksa, the developer of a digital mobile biomarker platform that captures, monitors, and analyzes patient-generated data and outcomes in clinical studies, announced the completion of a $16 million Series B financing round.
Spring Mountain Capital, a private investment management firm that focuses on alternative asset investing, led the financing round with participation from new investors: McKesson Ventures, Novartis Pharma AG, MBX Capital, and existing investors: Merck Global Health Innovation Fund, and Waterline Ventures.
The company plans to use the investment to expand its digital platform for integrating wearables, sensors, and other patient-facing technologies into clinical research.
Chris Benko, Koneksa Co-founder, and CEO said, “Digital biomarkers have as much potential to transform the development of new medicines as the molecular, imaging, and fluid biomarkers of the last two decades. This new capital will support sustained investment in expanding their use and adoption in clinical research programs globally.”
Koneksa partners with pharmaceutical and biotech companies to develop and implement digital biomarkers that support clinical development programs across therapeutic areas, including neuroscience, respiratory, rare diseases, and oncology.
Raymond L.M. Wong, Managing Director of Growth Equity at Spring Mountain Capital, said, “Koneksa’s combined science and technology offering for digital biomarkers, which has already been tested in global trials, provides a unique value proposition to pharmaceutical and biotech companies. We are excited to support Koneksa’s continued growth.”
Founded in 2015, Koneksa has raised over $25 million to date, including a $9.6 million Series A funding round in March 2020. The company employs less than 50 people with offices in New York, London, and Canada.
“The use of remote sensors, wearables, and new mobile technologies to better capture the patient experience is rapidly changing the way clinical trials are conducted,” said Carrie Hurwitz Williams, Partner at McKesson Ventures. “Effective digital biomarkers will be an essential part of conducting trials in the future.”
Image credit: Koneksa