SINGAPORE - ObvioHealth, a Singapore and Orlando-based company offering mobile and "site-less" clinical trials, said on Friday (March 23) it has raised US$3 million in Series A funding.
The financing round, led by TKS I, a life science and healthcare focused venture fund, will allow ObvioHealth to grow its operational team and support its current growth needs.
The company is focused on making clinical trials faster and more cost effective by digitising the entire process, while complying with FDA (Food and Drug Administration) Good Clinical Practices, it said.
ClaimIt, the company's proprietary software, supports observational and interventional studies, allowing integration with smartphones, connected devices, and real-time interactions with subjects.
CEO Bryan Silverman said: "ClaimIt is becoming a go-to platform for sponsors who recognise the time and cost savings offered by online trials. We are generating significant traction in therapeutic areas where a digital platform facilitates complex and expensive studies within the traditional model."
TKS I is formed by Tikehau Investment Management (Tikehau IM) and SPRIM's VC arm, SPRIM Ventures. Tikehau IM is an asset management and investment Group which manages over US$17 billion of assets, while SPRIM is a global innovation firm focused on healthcare.
Bruno de Pampelonne, chairman of Tikehau IM, said: "Thanks to technology, the clinical trial market is experiencing a disruption that will reduce the time and cost of drug development, for the benefit of patients, healthcare systems, and trial sponsors.
"We are excited to support the growth of ObvioHealth with this Series A round. The company is managed by a team of experienced professionals with a precise vision to make it a global leader in the space."