Faro Health Inc. Secures $15 Million Series A Financing to Deliver Digital Transformation for Clinical Study Design and Authoring
Faro Health Inc., a cloud-computing company that simplifies the design and authoring of complex clinical studies for biopharma and medical device customers, announced a $15 million investment led by Section 32 with participation from Northpond Ventures, Polaris Partners, and Zetta Ventures.
The Faro platform is the first Integrated Clinical Development Environment that simplifies the design and authoring of complex clinical studies by harnessing the power of smart digital protocols. The platform provides in-context and intuitive insights during the authoring process to help Faro customers optimize clinical study designs. Faro customers can use deep automation to eliminate inconsistencies and errors through standardization of protocol content that automatically links and propagates to all applicable study documents.
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“Biopharma has been moving towards data-driven and standardized clinical development processes to drive the efficient, effective, and high-quality delivery of new therapeutics,” stated Scott Chetham, Ph.D., co-founder, and CEO of Faro. “Our platform can help amplify and accelerate biopharma’s existing investments in Transcelerate’s Common Protocol Template, Digital Data Flow, Content Reuse and other initiatives.”
“The speed, efficiency, accuracy, and transparency offered by Faro’s easy-to-use workflows will transform the clinical development process from a highly manual process to one that is fully digital,” said Ross Jaffe, M.D., co-founder of Faro. “The Faro platform enables the design and optimization of clinical studies in a fraction of the time and with much less labor than is possible using the existing text-based approach.”
“In the push to digitize clinical trials, a solution focused on the upfront design of protocols that simplifies, automates, and unlocks next-generation features like adaptive trial design is a critical industry need. The Faro platform answers this need, unlocking time, cost, and risk savings for Faro’s industry-leading pharma and medical device customers,” said Andy Harrison, Managing Partner at Section 32.
Following this Series A investment, the company has raised a total of $18.3 million. Section 32 Managing Partner Andy Harrison will join Faro’s Board of Directors as part of this financing.
The company will use this additional funding to extend the capabilities of its platform as well as expand the commercialization of its solutions for the life sciences ecosystem.
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