Company expanding from AI-powered Data Verification Tool to ‘complete submission’ data platform
NewVale Capital leads $14 Million Series B growth round. (Credit: John Schnobrich on Unsplash)
Beaconcure, Inc., the leading clinical data technology and automation company, today announced the closing of its $14 million Series B financing round. The fundraise was led by NewVale Capital with participation by existing investors in the company. Beaconcure will use proceeds from the round to build on its pioneering position in clinical data validation, to expand its commercial organization, and to bring its next-generation platform to the market.
Developed in conjunction with its long-term partner, Pfizer, Beaconcure’s artificial intelligence platform, Verify, streamlines and automates the clinical trial data statistical analysis process. Verify is the industry’s first independent platform of its kind, implemented by many of the top 10 pharmaceutical companies and Contract Research Organizations (CROs) to reduce their data verification timelines from months to days while identifying potentially catastrophic errors in the process.
“We are humbled and proud to be supported by our new lead investor, chairman and world-class team of strategic advisory members,” said Yoran Bar, co-founder and CEO of Boston-based Beaconcure. “Beaconcure has a clear mission: to reduce the cost and time to complete every clinical trial. Verify is just the beginning and we are excited to bring our new platform to life and to empower clinicians, statistical programmers, and medical writers with a powerful set of tools that were previously unavailable.”
“We were immediately impressed with what Yoran, co-founder Ilan Carmeli and the Beaconcure team had accomplished with Verify and believed in their vision for the platform,” said Todd Holmes, Founder and Managing Partner of NewVale Capital. “Beaconcure has proven its ability to accelerate clinical trial timelines, delivering on its promise of helping its partner companies bring therapies to patients faster. The company’s unrelenting focus on providing real value to its pharmaceutical customers makes it an ideal partner for NewVale.”
Rick Riegel, incoming Chairman of the Board, said, “To-date, there has been an unaddressed gap in the clinical trial data-management process in our industry. Pharmaceutical companies spend hundreds of millions of dollars arriving at the final patient of a trial, only to face even more costs and long delays in reaching final submission due to decades’ old approaches. Until Beaconcure’s innovative software product was introduced, there had been little focus on tools that can make the analysis and validation stage a secure, streamlined, consistent process. Faced with growing regulatory scrutiny, the industry now can move with greater speed and confidence.”
Source: Company Press Release