SignalPath has raised an $18 million Series B round to expand its team. The company did not reveal the round’s investors. The funding will support SignalPath’s more than 250 research sites and brings the Raleigh-based healthtech startup’s total investment to $35 million.
“As we are in a hypergrowth phase, building our team ensures that we will continue to exceed the expectations of our customers in terms of our product,” CEO Dr. Brad Hirsch tells Hypepotamus. “It [also] enables us to support a growing research team whose goal it is to bring novel trials to our network.”
In 2014, while Hirsch worked as a clinical trialist at Duke University, he found several inefficiencies that complicated the flow of research and regulation implementation.
He co-founded SignalPath to empower organizations to optimize clinical research execution and management, including workflow, compliance, analytics, transparency for all stakeholders, and real-time insights. It also tracks participant tracking and engagement to give users an overarching snapshot of the clinical trial, along with lists of actionable tasks.
“Since our inception five years ago, our focus has been to develop a product that meets the needs of all of the stakeholders in the site ecosystem. We now have a product that does just that and is expanding beyond to address many of the broader pain points in study design, startup, execution and oversight,” he says.
SignalPath’s network currently supports more than 2,500 trials and serves more than 3,000 active users.
“Our goal is to change the way that research is conducted,” says Hirsch, “[by] enabling a network of leading research sites that can conduct a truly different kind of trial that is better for patients and researchers, while generating deeper datasets and insights than exist today.”
As a result of this funding round, the SignalPath team will grow from its current 70 employees to more than 200 next year — and Hirsch believes he can build that team with ease in North Carolina’s talent-rich Research Triangle.
“Raleigh has been an ideal place to build SignalPath. There are a wealth of phenomenal universities in the area which guarantees a great pool of candidates,” says Hirsch.
“The region is the center of the clinical research world as it includes the the Duke Clinical Research Institute and many of the leading contract research organizations (CROs).”
SignalPath also plans to partner with research sites to support and grow their virtual trial infrastructure.
“We believe the hybrid trial approach is the trial of the future and that we are incredibly uniquely positioned to facilitate it at this juncture,” says Hirsch.