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:
- Support for important research with digital therapeutics companies, including Swing Therapeutics, Lark Health, Curio, and Sana.
- Strategic partnerships with life sciences digital technology and data providers, including Ripple Science, for its direct-to-patient software platform; ixlayer, to provide easy access to clinical-grade diagnostic lab testing in DCTs; and 1nHealth, for digital patient recruitment and enrollment.
- Hired experienced industry leaders in top positions including Jay Collier as COO, Candice Del Rio as director of clinical operations, and Chris O'Shaughnessy as VP of business development.
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.