Massive Bio, an artificial intelligence-driven digital platform connecting cancer patients and their community oncologists for clinical trial enrollment, announced a $2.6 million round of funding.
Revo Capital, a European technology venture capital firm, led the funding round with additional participation from the Cavendish Impact Foundation (CIF) through their donor-advised fund at ImpactAssets.
The latest investment brings the company’s total funding to $6.6 million since its launch in 2015.
According to the company, the new funds will enable the company to scale its oncology clinical trial recruitment platform solutions.
Cenk Bayrakdar, Revo Capital’s Managing Director, said, “Amid the COVID-19 pandemic and beyond, the clinical trial industry needs a digital health technology solution to assist in study enrollment now more than ever.”
“Massive Bio has a unique solution that was purpose-built to address the challenges associated with clinical trial recruitment challenges, which aligned with their patient-centric approach makes it a powerful solution for the industry, and we are excited to collaborate with and support them as they work to transform their ideas into a world-changing company,” added Cenk Bayrakdar.
The company controls the patient enrollment value chain starting patient identification, following with AI-based virtual pre-screening outside the site, and resolving clinical trial enrollment issues the last mile. The company serves pharmaceutical companies and contract research organizations (CROs) and provides patient recruitment, site selection, and real-world data services in oncology.
Massive Bio Co-founder and CEO Selin Kurnaz stated, “As an industry, we are just scratching the surface of how powerful digital health technology and value-added services can be when combined with the massive scale offered by the global research portfolio ecosystem.”
Clinical trial software companies have raised over $600 million since 2015. Recently, Datacubed Health (Datacubed), an end-to-end digital clinical trial platform, announced an investment from Sterling Partners. Trialbee, a Swedish digital clinical trial recruitment platform, raised $12 million in a funding round. Medable, a decentralized clinical trial platform, raised $25 million in funding.
Image credit: Massive Bio