Deloitte Tech Fast 50 startup Evrima, which helps pharmaceutical companies conduct clinical trials for new drugs, has raised $3 million.
The round was led by the Sydney branch of alternative investment firm Artesian, backed by BridgeLane Capital and Wavemaker Partners.
It is the first investment through Artesian’s new $100 million Female Leaders VC Fund, managed in partnership with a women-focused angel investor group, Scale investors. Announced last November, the fund focuses on Series A and B rounds in high-growth, women-led companies in the Asia-Pacific region and is backed by industry super funds Hostplus and legalsuper
Evrima focuses on the recruitment side of drug trials, with over 80% of trials being delayed due to a lack of suitable patients and a lack of easily accessible information for GPs about local clinical trials.
The platform enables patients and physicians to register their interest in various clinical trials using digital phenotypes and workflow automation. The company has already partnered with Avance Clinical, Top 5 pharmaceutical and ASX-listed biotechnology companies, and assisted in clinical trials for various therapies and devices.
Ben Edwards, Chief Strategy Officer of Avance Clinical, said Evrima supports some of its clients’ studies and has access to a broader population of clinical trial participants to meet or exceed recruitment milestones.
“By partnering with Evrima, Avance can provide customized digital technology solutions aimed at reducing risk in patient recruitment and leading to better patient outcomes,” he said.
Bradshaw, CEO of Evrima, said the company had a 306% year-over-year revenue growth during the Covid pandemic, entering the US market, which dominates clinical trials.
“Most of our growth to date has been due to referrals and repeat business from our customers. In any case, the pandemic highlighted the need within the biotech community to embrace technology to help them conduct both efficient and robust clinical trials.” to do,” she said.
“It has also made the public aware of the process – we saw a 51% increase in the number of candidates in our database last year.”
While it was launched as a clinical trial recruiting platform designed to reduce the time it takes to find, match, and enroll the right sample size for a trial, Bradshaw said they found multiple other issues in the trial management process that were identified by technology can be addressed.
“These funds will help us build new features to address this to both support existing customers and take on new ones,” she said.
“This round marks the start of our next growth phase for our company. We aim to double our workforce and take on another 10 positions within the next 6 months. We will also continue to proactively engage new biotech companies to use our platform. One of the new markets we will be targeting is post-marketing studies, testing the efficacy of products already on the market. It is an underexposed area in our sector.”
BridgeLane Group CEO Markus Kahlbetzer said the pandemic was a wake-up call to the importance of an efficient and effective clinical trial industry to bring life-saving drugs to market faster.
“Evrima’s unique recruitment and project management tool helps achieve just this by disrupting the way pharmaceutical and biotechnology companies recruit and manage patients,” he said.
“The growth that Charlotte and her team have shown so far is a testament to how important Evrima’s offering has become.”