Reify Health says $220 million in new funding will support development of its diversity-focused clinical trial recruitment technologies and initiatives.
The Boston-based software developer completed the series D fundraising round with new backers Altimeter Capital, Coatue and Dragoneer Investment Group joining existing investors ICONIQ Growth, Adams Street and Battery Ventures.
The move—which brings the company’s valuation to over $4.8 billion—will accelerate Reify’s efforts to improve diversity and representation in clinical trial participation, according to CEO Ralph Passarella.
“This series D funding allows Reify Health to make significant, long-term investments to build a clinical trial ecosystem where people from historically underrepresented communities can learn about and participate in clinical trials," Passarella said.
To coincide with the funding round, Reify launched BRIDGE (Bringing Representation, Inclusion and Diversity to Global Enrollment), an initiative that aims to identify barriers that prevent underrepresented groups from participating in trials and to develop solutions.
“We chose to raise additional capital in conjunction with establishing BRIDGE because we see an opportunity to accelerate the work we’re doing in this space by deploying more resources now," Passarella said. "Given the importance of this work to the patients we serve, this was an easy decision for us."
The new funding round will also support development of other Reify technologies, including StudyTeam, an enterprise technology licensed to sponsors and CROs, and Care Access, a system that generates revenue by running trials on behalf of sponsors.
“In the near-term, this means Reify Health is going to invest more time, energy and resources to develop and scale our capabilities focused on increasing diversity and improving representation in clinical trials," Passarella said.
For StudyTeam, Reify will expand its diversity reporting capabilities to help sponsors identify gaps in patient enrollment across various demographic groups to allow them to develop corrective strategies.
Passarella explained that the Care Access system will partner sponsors working in areas that dispropotionately affect minorities, including dementia, cardiovascular disease, diabetes and breast cancer to make clinicakl research more accessible.