ATLANTA--(BUSINESS WIRE)--Florence Healthcare, a clinical trial software company that serves as the digital link between clinical trial sites, sponsors, and CROs, announced today that it has completed its $27 million Series C-1 funding round. Global software investor Insight Partners, which led the Series C, also led this round.
To date, Florence Healthcare has raised $114.1 million. This investment will support the company’s mission of doubling the output of clinical trials this decade by enabling remote access. The funds will go toward expanding Florence Healthcare’s staffing, enhancing its product offerings, and accelerating the connectivity across its growing global network of 10,000+ clinical trial sites and sponsors.
Florence Healthcare has seen rapid growth in the past year. The company’s eBinders™ platform now streamlines operations for study sites in 45 countries with digital document workflows that strengthen regulatory compliance, improve user adoption, and provide seamless remote connectivity. In addition, Florence Healthcare’s SiteLink™ platform now powers 4 million remote research activities every month by linking sites, sponsors, and CROs in a unified document workflow environment. Sponsors now use SiteLink to remotely connect to study sites for all clinical trial phases and therapeutic areas.
"With this funding, we're strengthening our position as the research platform for the remote-work era,” says Ryan Jones, CEO of Florence Healthcare. "We're celebrating two major milestones with this funding: 100 million research documents hosted on our platform and 100 million remote research activities conducted in our ecosystem.”
The digitization of research operations will help diversify the site landscape and allow clinical trials to be conducted at sites closer to underrepresented patients who can’t afford to travel to major academic medical centers. Florence Healthcare recently announced that there is a Florence Healthcare software-equipped research site within 25 miles of 80% of the country’s population.
“In our network, we are seeing new types of research sites come online because of the efficiency technology delivers, from pharmacies and labs to community clinics and primary care providers,” says Catherine Gregor, Chief Clinical Trial Officer. “These new patient access points will allow faster enrollment and increased diversity among trial participants, and that means drugs and devices will have a safety profile more inclusive of the patients they will treat. Additionally, increased representation in study participants will help sponsors better meet the evolving guidelines for regulatory approval.”
About Florence Healthcare
Florence Healthcare’s clinical trial software helps more than 10,000 research sites in 45 countries manage their documents, data and workflows. The Florence Healthcare™ platform also provides remote access so sponsors and contract research organizations (CROs) can collaborate with their sites around the world. Florence Healthcare users now perform 3 million remote monitoring activities each month. To learn more, visit florencehc.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight Partners encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
SiteLink™ and eBinders™ are trademarks of Florence Healthcare, Inc.