couMotif has an app that allows patients to monitor themselves for treatments or drug trials which then feeds into a platform allowing a much faster approach to clinical studies. It’s now raised £5 million in a Series A investment round led by existing UK investor AlbionVC, with participation from Oslo-based DNV-GL and existing angel investors. This latest round takes it to a total funding size of £7.5m.
The platform is sold into life sciences companies which are gradually replacing centralized studies where patients have to go to a site, such as a hospital, to submit their data. The trend has obviously been catalyzed by Covid-19. The platform is now used by studies taking place in 26 countries from clinical to real-world settings, and across more than 25 therapeutic areas – from dermatology and rare disease to oncology and cardiology. The largest study involved over 13,000 participants tracking their pain levels and the weather. This was featured on the BBC and published in Nature.
Its competitors are almost entirely US-based and include organizations such as SnapIOT, Medable, and ClinicalInk as well as other large platform companies.
“We’re excited to help our customers implement patient-centered research designs by using the uMotif platform to capture high-quality data,” siad Bruce Hellman, CEO and Co-Founder of uMotif in a statement. “This new funding will rapidly accelerate our development and will ultimately help our customers to get new therapies to patients faster”.
Dr. Andrew Elder, deputy managing partner at AlbionVC says: “Now more than ever, having access to reliable patient data during clinical trials is crucial. uMotif’s platform is built with patients in mind; designed to help academics, researchers and healthcare professionals to capture the best quality data in a way that suits the participants. It’s a win-win for all stakeholders and the platform has the potential and momentum to revolutionize the speed and efficiency with which therapies can reach and help millions of patients.”
Read the original post: MedTech startup uMotif raises £5m from AlbionVC, as COVID-19 accelerates remote clinical studies
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