Beaconcure, a Boston, MA-based clinical data technology and automation company, announced that it closed a $14 million Series B financing round led by NewVale Capital with participation by existing investors in the company.
The newly acquired funds will be utilized to further strengthen Beaconcure's pioneering position in clinical data validation, expand its commercial organization, and introduce its next-generation platform to the market.
The company’s innovative artificial intelligence platform, Verify, was developed in collaboration with its longstanding partner, Pfizer. Verify revolutionizes the statistical analysis process of clinical trial data by streamlining and automating it.
Verify has been adopted by several leading pharmaceutical companies and Contract Research Organizations (CROs). It enables a significant reduction in data verification timelines, shifting from months to mere days, while also identifying potentially critical 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.”
Company: Beaconcure, Inc.
Round: Series B
Funding Month: June 2023
Lead Investors: NewVale Capital
Company Website: https://beaconcure.com/
Software Category: Cloud-based Data Analytics and Validation Software
About the Company: Beaconcure is a cloud-based data analytics and validation software for regulatory submission in the healthcare sector. It leverages artificial intelligence to develop critical business challenges in drug and vaccine development of regulatory approvals. Beaconcure supports Biopharmaceutical companies and CROs with an automated clinical trial data processing technology solution called 'Verify'. Designed in partnership with trusted large pharmaceutical companies and used in an increasing number of approved products, 'Verify' shortens the time to submission, reduces error rates, and reduces costs over current processes and solutions.