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Paradigm, a clinical trial technology company, has launched out of stealth with $203 million in Series A funding.<\/p>\n
Paradigm will use the money to build a clinical research platform for provider and biopharmaceutical customers. The company has also acquired Deep Lens, a clinical trial patient recruitment company focused on oncology, for an undisclosed price.<\/p>\n
Paradigm was conceived by venture capital firm ARCH Venture Partners and co-created by ARCH and General Catalyst, another venture capital firm. Along with ARCH and General Catalyst, investors in this stealth round include F-Prime Capital, GV, LUX Capital and Mubadala Capital, which is the state-owned investment firm for United Arab Emirates.<\/p>\n
ARCH tapped clinical research industry veteran Kent Thoelke to Paradigm. Thoelke was chief scientific officer at PRA Health Sciences, which clinical research organization ICON acquired in 2021.<\/p>\n
Along with Thoelke, Paradigm\u2019s executive team includes a number of pharmaceutical digital health veterans. Milind Kamkolkar, the former chief data officer at Sanofi, is chief operating officer and Jonathan Hirsch, founder of real-world evidence company Syapse, is chief strategy and growth officer.<\/p>\n
Clinical trials have become a popular target for disruption both by technology and retail players. There were 17 deals for digital health companies developing clinical trial technology, collectively valued at nearly $300 million, last year, according to Digital Health Business & Technology\u2019s database. This potential has drawn interest from drugmakers such as GSK, the British pharmaceutical giant, which signed a four-year deal in September with Medable, a clinical trial software unicorn.<\/p>\n
Retailers such as Walgreens Boots Alliance, CVS Health and The Kroger Co. have also entered the fray. Walgreens launched a clinical trial business in June to build a decentralized platform and offer in-person locations for recruiting and conducting clinical trials. CVS Health started a clinical trial division in 2021 and teamed with Medable for a virtual component last year. On Wednesday, Kroger announced its own clinical trial initiative in partnership with Persephone Biosciences.<\/p>\n