Paradigm, a clinical trial technology company, has gone undercover with a $203 million Series A funding.
The model will use the funds to build a clinical research platform for biopharmaceutical suppliers and customers. The company also acquired Deep Lens, a cancer-focused clinical trial patient recruitment company, for an undisclosed price.
The model was conceived by venture capital firm ARCH Venture Partners and co-created by ARCH and General Catalyst, another venture capital firm. Along with ARCH and General Catalyst, investors in this secret round include F-Prime Capital, GV, LUX Capital and Mubadala Capital, the United Arab Emirates’ state-owned investment firm.
ARCH tapped Kent Thoelke, a clinical research industry veteran, for the Model. Thoelke is chief scientific officer of PRA Health Science, the clinical research organization ICON acquired in 2021.
Along with Thoelke, Paradigm’s executive team includes a number of pharmaceutical digital health veterans. Milind Kamkolkar, former chief data officer of Sanofi, is chief executive officer, and Jonathan Hirsch, founder of real-world evidence firm Syapse, is chief strategy and growth officer.
Clinical trials have become popular targets of disruption for both tech and retail players. According to the Digital Health Business & Technology database, there were 17 deals for digital health companies developing clinical trial technology, totaling nearly $300 million last year. This potential has attracted interest from drugmakers such as GSK, the British pharmaceutical giant, which signed a four-year deal in September with Medable, a clinical trial software unicorn.
Retailers such as Walgreens Boots Alliance, CVS Health and The Kroger Co. also joined the fray. Walgreens launched a clinical trial business in June to build a decentralized platform and provide in-person locations to recruit and conduct clinical trials. CVS Health starts clinical trials in 2021 and partnered with Medable for a virtual component last year. On Wednesday, Kroger announced its own clinical trial initiative in partnership with Persephone Biosciences.
This story first appeared in Digital Health Business & Technology.
