TrialReach, a London based startup which works mainly for US healthcare market, has secured $13.5 million in Series B round of funding from Smedvig Capital along with participation from Amadeus Capital and Octopus Investments.
The startup is using technology which is useful in matching the right patients with the right clinical trials. Clinical Trials are basically when illness specific new drugs (for medicinal purposes) are tested on humans (with their consent) suffering from the drug specific disease. This trial is done to judge the function and effectiveness of the drug before it can be made available for the masses. TrialReach plans to use the money to support the growth of its clinical trial platform and to reach out to people better.
Many clinical trials go unfulfilled or delayed because not enough patients sign up, therefore the entire extensive research of the doctors go a waste. TrialReach feels the main problem is that of awareness and it aims to tackle it by making people available for such trials, so that it speeds up the development of new treatments and save lives. It is already working with leading health organisations including World Health Organisation, as reported by Techcrunch.