Curavit Raises $5 Million in Series A Funding to Accelerate Growth in Digital Therapeutics Clinical Research
Industry's first virtual CRO that specializes in decentralized clinical trials achieves key milestones
PHILADELPHIA and NEW YORK, Nov. 14, 2022 /PRNewswire/ -- Curavit Clinical Research, a virtual contract research organization (VCRO) that specializes in decentralized clinical trials (DCTs), today announced it raised $5 million in Series A funding to accelerate its growing portfolio of research in the global digital therapeutics (DTx) market (projected to grow at a CAGR of 31.4% through 2026). The new funding will be used to expand the company's DCT capabilities, partnerships, and market adoption of Curavit's virtual CRO services and platform for prescription and non-prescription digital therapeutics trials.
The funding was led by early-stage technology investor Osage Venture Partners with additional investment from Royal Street Ventures and Narrow Gauge Ventures. It adds to early investments from Curavit founders and individual investors, including industry veterans Clark Golestani, former president of emerging businesses and global CIO of Merck, and former president and co-founder of Veeva Systems, Matt Wallach.
"In order to dramatically lower the cost and increase the speed of clinical trials, the industry must take a new, digital-first approach," said Wallach who serves on Curavit's board of advisors. "Curavit was founded by seasoned veterans with deep experience in that sweet spot where technology innovation meets process excellence so I'm proud to play a part in their journey to improve clinical trials."
"This is an important milestone for Curavit and the industry's continued momentum in digital therapeutics and decentralized approaches to clinical research," said Joel Morse, co-founder and CEO of Curavit. "Traditional trial processes and timelines are insufficient – and they limit patient participation. New digital therapeutics are ideally suited for a DCT approach and will help improve access and drive new unique therapies to patients faster."
The funding brings Curavit's total capital raised to more than $8 million. Curavit has more than doubled its revenue in 2020 and 2021 and is on the same pace this year. More than half of its customer base are emerging digital therapeutics companies whose clinical research needs align with Curavit's focus on virtual site services and DCT expertise.
"We are pleased to partner with Curavit on the next phase of their journey," said Nate Lentz, Managing Partner at Osage Venture Partners. "The COVID-19 pandemic and rapid growth of digital therapeutics has driven a new digital model, where clinical trials are increasingly decentralized and require a new combination of technologies, services, and expertise not available in the marketplace. Curavit's team and offering are well-positioned to fill this void and become the leading virtual CRO."
Since its founding in late 2019, Curavit has accomplished key successes on its mission to bring clinical trials of innovative therapies to more patients in the cloud, including:
In other news, Curavit joined the Digital Therapeutics Alliance, whose aim is to broaden the understanding, adoption, and integration of clinically evaluated digital therapeutics with patients, clinicians, payors, policymakers through education, advocacy, and cross-industry collaboration.
About Osage Ventures
Osage Venture Partners (OVP) is a venture capital firm located just outside of Philadelphia, PA. It partners with exceptional entrepreneurs, building the next generation of leading B2B software and tech-enabled services companies. OVP has consistently focused on this strategy since its inception in 2005, making over sixty investments in early-stage B2B companies over that time. For more information, visit OsageVenturePartners.com.
Curavit Clinical Research is a full-service, virtual contract research organization (VCRO), focused on designing and executing digital-first decentralized clinical trials (DCTs). Founded in 2020 by experts with decades of experience in technology and clinical research, Curavit leverages emerging technologies in digital health, cloud computing, and data science to recruit, engage, and monitor diverse patient populations without borders, ultimately bringing trials to patients in the cloud. Curavit's digital-first DCTs improve timelines, reduce costs, yield real-world data, and increase patient access for therapies more effective across representative populations. Visit www.curavitclinicalresearch.com.
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SOURCE Curavit Clinical Research