The funding will help Castor EDC to roll out its direct-to-patient clinical trials services globally. Here are the top-line bullets you need to know.
Castor EDC, a clinical trial company, has raised $45M in Series B. The round drew participation from Eight Roads Ventures, INKEF Capital, F-Prime Capital, and Two Sigma Ventures.
HOW’S THE COMPANY PERFORMING?
- New Jersey-based Castor EDC is an AI-driven company for decentralized and hybrid clinical trials. The platform enables researchers to design studies and integrate data from any source in real-time. Additionally, patients can enroll and share data online via a mobile application.
- The company claims to have tripled its revenue in 2020 and is expected to achieve similar growth in 2021.
- Castor has reportedly doubled its size in the past 12 months, supporting over 7,500 studies across 90+ countries. It caters to major pharmaceutical companies including Stryker, Click Therapeutics, and Bloomlife, among others. Moreover, the World Health Organization hired the company for its Solidarity Trial.
- The company currently employs 150 people across offices in Hoboken, New York, and Amsterdam.
WHY DOES THE MARKET MATTER?
- The global clinical trials market is projected to grow at a CAGR of 5.7% and reach a value of $69.5B by 2028, according to Grand View Research.
- The use of AI in healthcare has shown increasing potential in saving time by bringing drugs to markets faster through accurate patient identification for clinical trials.