Castor bags $45Mn in Series B funds to enhance clinical trial process

Castor, a leading provider of clinical trial software, has reportedly secured USD 45 million in Series B funding round co-led by Eight Roads Ventures and F-Prime Capital along with its present investors. Notably, the latest funds will help the company to modernize the clinical trial process as the industry is making its shift to decentralization.

According to Derk Arts, Co-Founder, CEO, and MD of Castor, clinical trials now require a long time to set up and do not come with continuous data monitoring. In addition to above, they also require patients to travel a distance to a research site which may be far away.

In this regard, slow enrollment is responsible for approximately 40% of the terminated trials and an inconvenient process obstructs researchers from attracting a group of patients, Derk added.

A remote-first entity with offices in Amsterdam and New York, Castor has emerged as one of the many companies offering technology to a process that is mainly paper-based. Its software offers a self-service version, allowing researchers to design studies and integrate remote and in-person patient data from various sources in real-time.

Seemingly, the coronavirus pandemic has driven the need for innovation in clinical research. Castor has responded to the same by making software free for COVID-19 research.

Citing sources, the company has witnessed an influx of new clients and users such as the World Health Organization that uses the company’s technology for its ‘Solidarity Trial’ that aims at identifying how the present medications will enhance outcomes when compared to the standard of care alone.

For the record, the new funds will allow Castor to have teams in place to respond to the fast-growing sector. In 2020, Castor tripled its revenue scale and is likely to show similar trends in 2021.

Source Credit: https://techcrunch.com/2021/07/14/castor-a-clinical-trial-process-company-raises-45m-to-create-more-human-centered-research/