Inato, a clinical trial company based in France, has hauled in $20 million in series A2 funding, which will be used for international growth, product innovation and to attract employees.
The fundraising included lead investor Cathay Innovation and returning investor Obvious Ventures. New investors included La Maison and Top Harvest Capital, the company said in a March 29 press release.
Inato will also direct the money toward oncology-specific innovation in an effort to increase access to care where trial enrollment rates are low despite the increasing rate of oncology studies.
The company was founded back in 2015 and reeled in a 1.3 million euro ($1.4 million at current exchange rates) seed round in 2017 to help form its artificial-intelligence-based data collection tool for studies. Inato collected $14 million in a series A round in 2020.
According to Inato, 70% of clinical research is conducted at the same 5% of sites, and only 5% of patients participate in a clinical trial. The current status of the clinical trial industry has led to a lack of patient access that causes trial delays and increased costs. Only 4% of clinical trials in recent years have used a representative population, impacting a drug’s efficacy and safety, the company said.