The funding helps Reify Health’s valuation hit the $2.2B mark. Here are the top-line bullets you need to know.
Reify Health, a cloud-based software company supporting clinical trials, has raised $220M in a Series C. The round drew participation from Coatue Management, Battery Ventures, Sierra Ventures, Adams Street Partners, and ICONIQ Capital.
HOW’S THE COMPANY PERFORMING?
- Boston-based Reify Health provides cloud-based software to help accelerate the development of new and life-saving therapies. Through its business entities StudyTeam and Care Access, the company has built a new framework for conducting clinical trials.
- Reify Health’s services are used by top-20 global biopharmaceutical firms like Amgen, AstraZeneca, and Eli Lilly and Company. It also caters to over 4,000 research sites across 65 countries.
- The company currently has a team of 102 employees.
Source: Reify Health
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 $69.3B by 2028, according to Grand View Research.
- The pandemic highlighted the investment risk that clinical treatment patient unavailability poses. Moreover, the growing need to accelerate vaccine R&D efforts, access geographically diverse patient groups, and increase efficiencies have contributed to the growth of decentralized trials.