Reify Health bags $30M to run a shared trial platform and boost enrollment

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Boston-based clinical trial software firm Reify Health has raised $30 million in a series B toward its goal of speeding up the core aspects of studies.

The money will be predominately funneled into Reify’s so-called StudyTeam platform, designed as an upgrade to the systems healthcare staff at clinical research sites depend on to run trials.

“By bringing them onto a shared platform with biopharma sponsors, Reify has helped the industry dramatically accelerate clinical trial enrollment and reduce workloads for stakeholders across the ecosystem,” it said in a statement.

The idea is to digitize much of the often manual work involved in trials to speed up tasks and enrollment, which the company says it can speed up, “on average, by 6 weeks per trial.”

“The life science industry spends over four billion dollars every year on technologies aimed at making clinical trials more efficient,” said Ralph Passarella, CEO and co-founder of Reify Health.

“Yet, very little of that investment goes towards technology that helps the frontline healthcare staff who enroll and care for patients. If we want to make clinical trials faster, cheaper, and more predictable, the industry can’t keep building technology that increases efficiency for some but decreases efficiency for those working directly with patients. We decided that we needed to change that.”

Battery Ventures led the financing round with help from previous investors including Sierra Ventures and Asset Management Ventures.

“Reducing the burden on research sites and helping them work more effectively is critical for our industry to run faster, more predictable clinical trials,” said Amy Davis, senior director of clinical development for oncology at Eli Lilly, which has teamed up with the firm.

“Lilly partnered with Reify Health to accomplish that work together and we are pleased with the progress we’ve made so far, and look forward to rolling out StudyTeam across our entire research portfolio.”