ObvioHealth raises $31M series B amid funding spree for decentralized trials

ObvioHealth raises $31M series B amid funding spree for decentralized trials

4G Clinical, Science 37, Medable, Medidata, Curebase: They’ve all had their moments in the spotlight in recent months, but, now, it’s the turn of ObvioHealth, which wants its chance to make headlines in the booming decentralized clinical trial space.

The virtual research organization said Thursday it picked up $31 million in series B funds from healthcare IT and diagnostic software firm Dedalus Group and biotech-specialist CRO Novotech Health, along with Singapore family office AT Capital Group and initial investor SPRIM Global Investments. ObvioHealth last secured $17 million in May 2020.

In four years since launching, the Orlando, Florida-based virtual research organization has conducted 42 studies across more than 17 therapeutic areas in 28 countries.

Now, ObvioHealth can expand its footprint even more. Through the Novotech collaboration, ObvioHealth will become the biotech CRO’s preferred virtual clinical trial provider in the Asia-Pacific region. Novotech boasts 29 offices in the region.

“Virtual trials offer patients greater access to the important clinical trials conducted across our region,” said Novotech CEO John Moller in a statement.

And, with the Dedalus partnership, ObvioHealth will integrate clinical research with electronic health record data to inform clinical trial design and recruitment across 6,000 hospitals and clinics, the company said. The collaboration will give researchers the ability to identify more precise patient subpopulations in compliance with European privacy and data safety regulations.

“ObvioHealth is already helping to bring new drugs and devices to market by making clinical trials faster and safer. The financial investment from Dedalus testifies to its commitment in supporting this transformation,” said Dedalus Founder Giorgio Moretti in a statement.

ObvioHealth CEO Ivan Jarry said in a statement that both partners are “leaders in their respective fields,” and will be a “real boon” to the company’s strategic development.

Thursday’s investment adds to the long line of capital infusions in decentralized clinical trial companies in recent months.

Earlier this week, randomization and trial supply management company 4G Clinical inked more than $230 million in an investment from Goldman Sachs. Siteless trial specialist Science 37 said last month its merging with a special purpose acquisition company at a unicorn valuation.

The emphasis on virtual trials definitely picked up during the pandemic, but even before COVID-19 struck the world, companies took note. Dassault Systemes bought Medidata at an enterprise value of $5.8 billion in October 2019.

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