SaaS Platform ProofPilot Raises $12M+ Series B to Digitize Clinical Trials
It’s often said that modern problems require modern solutions. However, more important than simply having those solutions is being certain they actually work. This aspect is especially crucial when it comes to people’s health and wellness. Looking to bring the age-old process of clinical trials into the digital era, ProofPilot announced a new round of funding for its platform that helps users design, launch and participate in research studies.
ProofPilot is a SaaS platform that works to simplify the historically complex clinical trial space. It raised more than $12 million in Series B funding led by Mitsui & Co. Its solution encompasses tools for self-design study, trial process management and remote source verification. Though it was created with health research institutions in mind, the platform was also designed to allow people in other wellness sectors access to scientific research-backed insights.
“Direct-to-consumer wellness brands have seen a clinical trial on the front page of every newspaper, magazine and podcast for the past two years,” Matthew Amsden, CEO and co-founder of ProofPilot, told Built In via email. “They increasingly want to run their own to engage with customers in a new way.”
ProofPilot manages each step of a research trial. It allows sponsors to design and simulate their trial, launch that trial and support digital recruitment. It then allows sponsors to track their study’s progress and review results.
“Clinical trials can be expensive, time-consuming and typically take large teams of people to pull off successfully,” Amsden said. “The strength of ProofPilot goes beyond bringing cost and time efficiencies to a couple of well-resourced trials. We believe that by leveraging software-driven expertise we can make research trials and the evidence gained available to organizations who lack the resources, the experience or the time.”
The fresh capital will enable ProofPilot to enhance the scalability of its platforms, create additional features to better support organizations that are newer to research and expand its presence in the life science and wellness markets. Investors including Sopris Capital, First Trust Capital Partners and Excelra also participated in ProofPilot’s latest round.
The company also launched two new products with its latest raise. ProofPilotRx serves life science companies and ProofPilot 365 is for health and wellness brands.
As it continues to grow, ProofPilot recently bolstered its team with a handful of new executive hires. It announced in February three additions to its c-suite including Joseph Kim as chief marketing officer, Savi Glowe as chief research operations officer and Michelle Rogers as chief revenue officer.
“We anticipate several new product-specific and industry partnerships that we’ll announce soon, which underscores that with our platform, more companies can design and execute trials with rigor,” Amsden said.