TrialReach receives £2m Octopus-led investment
Funding will provide further growth for clinical trials search engine
Venture capital group Octopus Investments announced today that it has led a £2m round of funding into clinical trials search engine TrialReach.
Founded in 2010, TrialReach is a search platform for patients to find clinical trials taking place in their region, connecting them with healthcare and pharmaceutical companies to accelerate the testing stage of new drugs and treatments.
The company claims to provide patients with details of 70,000 regulated clinical trials across the UK, and says the clear and unambiguous interface allows them to make informed decisions about the most suitable trials.
Previous investor Amadeus Capital Partners also provided funding in the round, which will be used to develop and grow the company’s offering with a view to international expansion.
Pablo Graiver, chief executive of TrialReach, commented: “It’s a huge endorsement of our technology and vision to secure this investment from Octopus and we are delighted to have them on board, alongside the continuing support of Amadeus.
“The funding will help us develop our products further and launch new solutions that we have in the pipeline, all with the consistent view of helping patients and medical organisations make clinical research more efficient. The industry is crying out for innovation and effective solutions to support a growing research market.
“We are especially pleased that we have managed to secure this investment at a time when funding is hard to obtain and reserved only for the best technology companies. The work now really starts, as we look to radically improve information, access and efficiencies in the clinical trials industry, worldwide.”
Alliott Cole, a principal on the Octopus ventures team, said: “We are really excited to be partnering TrialReach at this stage of its development. The team has created a unique platform that has the ability to improve the efficiency of medical research, by making it easier for people to explore, understand and access the latest clinical trials.
“Data shows that finding the required number of patients delays the vast majority of clinical trials. TrialReach offers a fantastic solution to a problem that the pharmaceutical industry is only going to find more challenging as it looks to recruit patients for clinical trials to support drug development.
“We look forward to working with the team as they develop the business to address what is a global market opportunity.”