Curavit, a virtual contract research organization that specializes in decentralized clinical trials, has hauled in a $5 million series A to support growth in studies featuring digital therapeutics.
The funding round was led by Osage Venture Partners with additional investments by Royal Street Ventures and Narrow Gauge Ventures, the company said in a Nov. 14 press release. To date, the company has raised more than $8 million.
The money is expected to support Curavit’s expansion of decentralized clinical trial offerings, partnerships and adoption of its CRO services and platform for prescription and non-prescription digital therapeutics trials. The company cited estimates the global digital therapeutics market will experience growth of 31.4% by the end of 2026.
“Traditional trial processes and timelines are insufficient and they limit patient participation,” Joel Morse, co-founder and chief executive of Curavit, said in the press release. “New digital therapeutics are ideally suited for a DCT approach and will help improve access and drive new unique therapies to patients faster.”
Curavit launched in late 2019, just months before the onset of the COVID-19 pandemic. Disruptions caused by the crisis initiated a global embrace of decentralized clinical trials that have become more the norm than exception.
The company also said more than half of its customer base are companies focused on emerging digital therapeutics that pair with virtual site services and decentralized clinical trial experience.