Teckro scores $25M Series C round to speed up clinical trials
Teckro, a software platform that claims to make the conduct of clinical trials more efficient and collaborative, has closed $25 million in Series C funding. The round, which brings the total raised by the Irish company to $43 million, is led Northpond Ventures with participation from Founders Fund, Sands Capital Ventures, Bill Maris’ Section 32 venture fund, and Borealis Ventures.
Founded by brothers Gary and Nigel Hughes, and Jacek Skrzypiec in 2015, Teckro’s technology is designed to improve the conduct of clinical trials, including by employing machine learning to improve the speed and accuracy of clinical trials. Through digitisation, t also attempts to make clinical trials more transparent across stakeholders and those responsible for conducting the trial, including doctors, research nurses and patients.
“The industry still relies heavily on paper, on working off retrospective data, and there is still an over-reliance on sending CRAs to busy research sites,” says Teckro co-founder and CEO Gary Hughes. “This approach, together with the plethora of point solutions that get ‘bolted on’, only adds to the complexity and disjointed experience of research sites and patients”.
To that end, Teckro says it has users in over 80 countries, up from 30 countries at the time of the Series B in August 2017. It employs over 100 staff across its global headquarters in Limerick, Ireland, an engineering hub in Dublin, Ireland and a U.S. base in Nashville, Tennessee.
“Our mission is to engage more physicians in clinical research,” Hughes tells me. “We believe increased participation by physicians (currently less than 3 percent globally) will provide greater access to patients, effectively making clinical research a treatment option for millions of patients with unmet medical needs. That requires a complete rethink of clinical trial operations, particularly the experience of research sites. It’s very much a ‘fix one thing’ approach, establishing new digital touch points that remove friction and provide busy research staff with instant access to critical trial information when it is needed most”.
The broader Teckro vision is to be “at the centre of all site and patient interactions in a clinical trial,” says Hughes. “We are building a new digital infrastructure and toolset for clinical research that makes the conduct of trials simpler, more transparent and more inclusive”.
The resulting aim, of course, is to ensure that effective drugs are efficiently moved from the lab to the patient “so that [more] lives can be saved”.