Teckro has raised a fresh round of funding to accelerate its aim of helping to bring drugs and treatments to market quicker and more efficiently.
The $25 million Series C round was led by Northpond Ventures with participation from Founders Fund, Sands Capital Ventures, Bill Maris’ Section 32 venture fund, and Borealis Ventures. Teckro’s total funding now stands at $43 million.
The company, which uses machine learning technologies to improve the speed and accuracy of clinical trials and works with the top pharmaceutical and biotech companies globally, has grown rapidly since it was founded by brothers Gary and Nigel Hughes and Jacek Skrzypiec in 2015. The founders sold their previous company Firecrest to global clinical research giant ICON plc in 2011.
Teckro has users in over 80 countries, up from 30 countries at the time of the Series B in August 2017. It employs over 100 staff across its 3 global bases including its global headquarters in Limerick, Ireland, its engineering hub in Dublin, Ireland and its US base in Nashville, Tennessee. There has been a 240% increase in the number of clinical trials on the Teckro platform over the past 12 months.
Speaking on the funding announcement, CEO and founder Gary Hughes said the company will use the Series C round to continue its international expansion and product development in an effort to meaningfully impact and improve processes for all stakeholders involved in clinical trials. “Despite all the talk of digital transformation, the actual experience of participating in a clinical trial if you are a doctor, research nurse or patient has changed little in the last 20 years.
"The industry still relies heavily on paper, on working off retrospective data, and there is still an over-reliance on sending CRAs to busy research sites. This approach, together with the plethora of point solutions that get ‘bolted on’, only adds to the complexity and disjointed experience of research sites and patients.
"Our vision is to be at the centre of all site and patient interactions in a clinical trial. We are building a new digital infrastructure and toolset for clinical research that makes the conduct of trials simpler, more transparent and more inclusive.
"Ultimately Teckro is about ensuring that effective drugs are efficiently and effectively moved from the lab to the patient so that lives be saved.”
Michael Rubin, M.D., Ph.D., Founder & CEO of Northpond Ventures commented: “Teckro is building a digital infrastructure which can transform how clinical trials are conducted. We are excited by the team and what they have achieved to date and look forward to supporting them on this important mission.”
Teckro is currently hiring across all functions, including engineering, product, clinical operations and sales and marketing, as it continues to expand rapidly across all its offices.