Machine learning-focused software company Teckro has raised $10 million in series B financing, sending the total amount it has attracted so far to $17.8 million.
The money will be used to improve the company’s digital platform, which uses information retrieval and machine learning technologies to streamline clinical trial practices. The idea is that, instead of filtering through protocols, medical journals and emails, clinical study personnel could save time by using Teckro’s software to simplify the trial process.
The platform, which can support all phases of trials, is already being used at thousands of research sites in over 30 countries, and the company continues to expand operations and customer footprint globally and to “drive success for our customers at the top 10 pharmaceutical and biotech companies,” Teckro CEO Gary Hughes said in a statement.
Teckro co-founders Hughes, Jacek Skrzypiec and Gary Hughes previously built Firecrest Clinical into a 60-person team before selling it and its site-performance management software to Icon in 2011.
Sands Capital Ventures, a Washington, D.C.-area venture capital firm, led the financing round. Peter Thiel’s Founders Fund, backers of tech firms like SpaceX, Facebook and Airbnb, led a previous $6 million investment into Teckro, and is also part of this financing round. Other participants include startup tech-focused venture fund Section 32, which was launched by Google Ventures’ founder and former CEO Bill Maris.