Faro Health Secures $20M to Streamline Smart Clinical Trials

Faro Health Secures $20M to Streamline Smart Clinical Trials HIT Consultant Media (Fred Pennic)

What You Should Know:

– Faro Health, a cloud-computing company that is developing digital infrastructure for smart clinical trials raises $20M in Series A funding led by General Catalyst to help scale the digital transformation of clinical trials––essentially making it easier and quicker for drug developers to greatly reduce the cost and time of trials.

– The round also included participation from previous investors Section 32, Polaris Partners, Zetta Ventures, and Northpond Ventures. General Catalyst Partner Elena Viboch will join Faro’s Board of Directors.

Clinical Development for the Digital Age

Designing and executing clinical trials has become increasingly complex, with the number of endpoints measured in a study growing by 27% over the past decade and patients undergoing 44% more assessments. As we face rapid innovation in today’s life sciences, it’s crucial that there are tools out there to support the growing complexity of study data required to enable market access. Faro helps simplify the complexity of modern clinical protocol development and execution.

Its software platform, powered by multifaceted data, provides teams that design and author clinical studies with real-time intuitive insights into the protocol design. This helps teams in a handful of ways:

– Collaboratively designing and authoring studies that answer key scientific questions in the least burdensome way for patients, sites, payers, and regulators

– Automating the elimination of inconsistencies and errors through standardization and transformation of protocol content

“The technology used to design clinical trial protocols has not adapted to support the complexity of protocol design required by the current innovations in life sciences,” said Scott Chetham Ph.D., co-founder and CEO of Faro. “The Faro platform helps teams understand and mitigate the risks involved in modern protocols with enormous savings in direct costs and time. Our platform can also help amplify and accelerate biopharma’s existing investments in Transcelerate’s Common Protocol Template, Digital Data Flow, Content Reuse and other initiatives.”