Florence Healthcare raises $1.7M to shortcut clinical trials process
Thursday, August 04, 2016
Posted by: Kristen Pappaterra
August 1st, 2016 – Atlanta -- Florence Healthcare, a team from Emory, Medtronic, Microsoft, and Airwatch, today announces a $1.7M raise. The company’s solutions automate work at clinical trial sites and in turn shorten the time it takes for new therapies to reach patients. The seed round includes Bee Partners, Bessemer Venture Partners, Dartmouth’s Green D Angel Fund and Fitbit exec and healthcare entrepreneur Will Crawford.
Since launching in January, usage of Florence’s eBinder has grown more than 150% month over month. Ahead of the funding, Florence secured agreements with some of the biggest institutions in drug and device development: UCSF, Mt. Sinai, and Sloan Kettering’s PCCTC Cancer Research Center. The secret weapon behind Florence’s success? A SaaS tool that transforms a paper auditing process into instant digital access, eradicating a $10B pain point.
"The work underlying a clinical trial has tripled in volume AND complexity since 2000,” said Ryan Jones, Florence Co-founder and CEO. "Unfortunately, the majority of software innovation in the space has skipped over the clinics and trial sites that see the patients. That’s where we start.”
Clinical trials depend on a two-sided network: drug and device companies launch the trials, and research centers and clinics carry them out. $35B is spent on clinical research logistics across this network each year, and $10B of this is spent auditing old-fashioned paper documents.
Historically drug and device companies specify software that met the automation needs on their side of the network, leaving clinics to fend for themselves. In contrast, Florence solves the biggest problems at the clinical edge of the network, and by freeing those bottlenecks, helps the sponsor side too. Florence offers solutions via this approach to the entire clinical research ecosystem: research centers, pharmaceutical and device companies and contract research organizations (CROs).
Jones added, "We’ve reached a unique time in clinical research where competition for the best trial sites, and the workload at those sites, has reached a peak. By empowering sites with workflow software, we help clear data access logjams that can cost sponsors millions of dollars in delay when it comes time to launch a new therapy.”
About Florence Healthcare
Florence Healthcare is verticalized workflow software improving the data transfer between clinical trial sites and the large pharmaceutical companies they serve. Their product, eBinder Suite™, enables seamless compliance and regulatory management across the value chain, allowing the parties to remotely access, transfer, and organize proprietary data—changing how new therapies get to market.
Ryan Jones, CEO and founder of Florence Healthcare