New York-based Paradigm, a startup trying to change the way clinical trials are run, has raised $203 million Series A co-led by ARCH Venture Partners and General Catalyst.
The round also included participation from F-Prime Capital, LUX Capital, GV, Magnetic Ventures, and Mubadala Capital. The BrightEdge fund of the American Cancer Society was a strategic investor.
Paradigm is working to transform the way they are conducted to make clinical trials more egalitarian for patients to engage in while also making it simpler for healthcare professionals to participate and collaborate.
The technologically advanced platform intends to expand access to clinical trials, lower obstacles like geographic distance and financial constraints, and speed up the clinical research procedure. If it is successful, time will tell; the business already has well-known investors.
The money will enable Paradigm to expand its platform and intensify collaborations with healthcare organizations and life science businesses.
Additionally, the business paid an unknown sum to purchase Deep Lens, a firm that recruits patients for oncology-focused clinical trials.
Paradigm aims to disrupt the clinical trial sector
The venture capital firm ARCH Venture Partners and another firm, General Catalyst, collaborated to develop Paradigm. ARCH hired a veteran of the clinical research sector Kent Thoelke to lead Paradigm.
The executive team of Paradigm is made up of Thoelke and other seasoned professionals in pharmaceutical and digital health.
The disruption of clinical trials is now a common goal for both technological and retail businesses. According to the database of Digital Health Business & Technologies, there were 17 deals for digital health firms developing clinical trial technology last year, with a total value of close to $300 million.
The British pharmaceutical behemoth GSK, which in September inked a four-year contract with the clinical trial software unicorn Medable, has expressed interest in this potential.
Retailers like The Kroger Co., Walgreens Boots Alliance, and CVS Health have joined the fight. To create a decentralized platform and provide physical sites for clinical trial recruitment and execution, Walgreens started a clinical trial business in June.
Kroger has unveiled its clinical trial effort as part of a collaboration with Persephone Biosciences. In 2021, CVS Health established a clinical trial section. The following year, it partnered with Medable to create a virtual component.