Existing investors Atlanta-based Fulcrum Equity Partners, San Francisco-based Bee Partners, and London-based Flashpoint also joined the round.
Ryan Jones, co-founder and CEO of Florence, said the new investment comes as the software has become more of an industry standard for clinical trials. 8,500 research sites and CROs across 34 countries — representing one in three study sites around the globe — now use Florence, according to a statement released by the company.
“Not only do pharmaceutical companies, clinical research organizations, and sites use Florence to manage their COVID studies, they also leveraged our software to ensure that hundreds of other clinical trials across every disease area were able to progress as the industry pivoted to remote work. This investment will allow us to continue connecting research stakeholders, advancing cures, and giving investigators more time for who matters most: patients,” added Jones.
The Florence team suggests that COVID only increased the need to clinical trial sponsors to improve electronic document workflows, remote site access to critical data, and decrease the start-up time associated with new trials.
“There are many market factors elevating the role of clinical trial sites in driving successful outcomes. This includes growth in adaptive trials and general trial volumes, virtualization of trials, increasing complexity, and the rise in use of precision medicine,” said Jon Rosenbaum, Principal at Insight Partners. “Florence’s focus on sites’ adoption of software, with the entirety of the pharma value chain in mind, gives them a unique opportunity to drive value in clinical trials. We are delighted to partner with Florence as they influence the future of clinical trials to expedite medical solutions and advance human health.”
Insight Partners focuses on ScaleUp software companies. To date, it has invested in other Southeast software companies like Wilmington, North Carolina-based nCino, and Atlanta-based startups OneTrust, QASymphony, SalesLoft, CoreView, and AirWatch.
The investment isn’t the only recent sign of growth for the software company. After graduating from ATDC, the team opened up its global HQ in the iconic Bank of America Building in Midtown, Atlanta this last November.
The team also earned the ‘Biggest Impact Company in Georgia’ award earlier this month at the 2021 Georgia Technology Summit.
Florence also played a role in Phase 2 and 3 trials for the Pfizer COVID-19 vaccine study.
The team is looking to expand. Current job openings include product managers, developers, and customer success roles.