Trialbee raises $11.9M in funding to enable accurate and effective patient recruitment to clinical trials
Recruiting the right patients into the right clinical trial is essential for successful drug development. Traditionally, this process has been cumbersome, expensive and highly inefficient. Enter TrialBee, a Malmo, Sweden-based tech startup that provides global pharmaceutical companies with technology tools to increase speed and accuracy of patient recruitment to clinical trials.
Today, TrialBee announced it has closed $11.9 million (€11 million) investment round to onboard strategic investor MTIP, the European specialist investor in Healthtech scale-up companies. The round was backed by existing investors Industrifonden and Briban. The additional capital will be used to further accelerate the company’s topline growth and enhance the Trialbee technology platform, which integrates real world data and real time analytics to recruit and engage patients. This latest round brings the total amount raised by Trialbee to date to €25 million.
Founded in 2010 by Tobias Folkesson, Trialbee is a technology provider of patient matching and engagement, empowering patients to participate in clinical trials as a care option. Trialbee has continuously innovated patient-centric technology solutions for global clinical trials.
“We have experienced remarkable momentum over the last year and our commitment to deliver cutting-edge capabilities to our customers has contributed to this growth,” said Lollo Eriksson, CEO of Trialbee. “With this investment from MTIP, we are able to further invest in product development which will result in more value for our customers looking to accelerate and restart their global clinical trials. This partnership with MTIP speaks to the growing market opportunity and validates that Trialbee’s solutions are well-positioned to meet the demand.”
The most prescient challenges facing pharma research & development (R&D) are slow patient recruitment and large numbers of dropouts from clinical trials, causing significant delays and increasing costs for pharmaceutical products to reach the marketplace. The Trialbee solution is proven to accelarate the patient recruitment process and maintain patient engagement by incorporating data-driven digital solutions in clinical trials and optimizing protocol design and site selection.
“We are delighted to be investing in Trialbee, and look forward to working with the team to further their future growth,” commented MTIP Investment Partner, David Germonpré. “We have looked at a lot of opportunities in this space, and believe Trialbee is truly differentiated in their ability to securely integrate Big Data in clinical trials. Some of the best technology solutions are built to optimize existing processes, and the Trialbee team has harnessed their knowledge from many years in the patient recruitment space to do just that.”
Trialbee is the first and only global patient recruitment and engagement company with integrated patient matching from claims data, electronic health records and digital outreach to the general public. These expanded capabilities enable Trialbee to provide additional services such as the assessment of patient feasibility, principal investigator identification and support for observational research.