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Reify Health Secures $30M in Series B Round of Financing
The company intends to use the capital to expand its StudyTeam enrollment solution and accelerate additional platform solutions
Fremont, CA: Reify Health, a Boston, MA-based provider of cloud-based solutions that connect and empower the clinical trial ecosystem, closed $30m in Series B funding.
The company plans to use the capital to expand its StudyTeam enrollment solution and speed up additional platform solutions.
Led by Ralph Passarella, CEO and co-founder, and Michael Lin, co-founder and executive chairman, Reify provides StudyTeam, which enables healthcare staff at clinical research sites to upgrade the systems they depend on to run trials. By bringing them onto a shared platform with biopharma sponsors, Reify allows industry players to speed up clinical trial enrollment and reduce workloads for stakeholders across the ecosystem. StudyTeam systematically removes redundant work across the clinical trial process while generating novel insights that accelerate trials. The platform is utilized by 1,800 research sites across 26 countries and by half of the top-20 global biopharma companies, including Eli Lilly and Company and Amgen.
"The life science industry spends over four billion dollars every year on technologies aimed at making clinical trials more efficient," stated Ralph Passarella, CEO and co-founder, 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."