The Series C funding helps TrialSpark reach a $1B valuation. Here are the top-line bullets you need to know.
TrialSpark, a clinical trial management software and drug development company, has raised $156M in a Series C. The round drew participation from Sequoia Capital, Sound Ventures, Section 32, and Spark Capital, among others.
How’s the company performing?
- New York-based TrialSpark uses its full-stack platform to conduct end-to-end clinical trials. It also co-develops and in-licenses drug programs via joint ventures, in-house development, and NewCos.
- The company currently has 100 team members.
- TrialSpark has collaborated with pharma companies such as Sanofi, Novartis, and Pfizer, among others.
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.
- Increasing occurrences of chronic diseases, the need for personalized medication, accelerated technological evolution, and the globalization of clinical trials are some of the key factors contributing to the market’s growth.
- AI has proven to help better identify patients for clinical trials, meaning that the tech has the potential to speed up clinical trials and help bring drugs to market faster.