Clinical trials software startup Florence has raised a $7.1 million Series B round led by Atlanta-based growth equity firm Fulcrum Equity Partners. Atrium Health and Bee Partners also participated in the funding.
The capital will mainly be used to add product offerings and expand Florence’s sales, marketing, and customer success teams.
“Our foundational mission has been to give physicians their day back from paperwork. Now with these resources, we can build new products for advancing research on that foundation,” CEO Ryan Jones tells Hypepotamus.
Florence’s HIPAA and Part-11 compliant platform helps clinical trial sites streamline and manage all of their documents, including regulatory forms, case study reports, consent forms, remote document review, emails, and more.
The platform automates regulatory processes, tracks the status of studies, allows for remote monitoring, and can accelerate the entire study timeline by 20 percent.
The trial sites can then quickly get key data back to pharmaceutical sponsors to accelerate drug development.
The Atlanta-based startup now has over 5,000 clinical trial sites on their eBinders platform, one of the largest networks of connected clinical trial sites.
Jones shares that Florence’s next step is to digitally connect to new pharmaceutical sponsors and clinical research organizations. This will help the company create a bigger research network across the country.
“We now support one in four cancer researchers — we’re pretty proud of that,” says Jones. “In getting there, we’ve been able to help them start studies up to 40 percent faster, which means cures can get into patients hands 40 percent sooner.”
“Fulcrum is thrilled to back Ryan and the Florence team at this critical stage of the company’s growth. Their platform squarely fits our investment thesis of finding technology solutions that help solve critical business problems, particularly in the healthcare ecosystem,” Jeff Muir, partner at Fulcrum Equity Partners, said in a statement.
“The Fulcrum team has a track record of coaching companies to success in introducing new Health IT products. Meanwhile, with one of the most prolific cancer research centers in the world, Levine Cancer Center, Atrium Health know what matters to research teams,” says Jones.
“The more physicians and research teams we can help digitize old-fashioned processes, the better research does and the better we do.”