Clinical trial startup Inato scooped up $20 million in a Series A2 funding round led by Cathay Innovation.
The raise included returning investor Obvious Ventures and new participants La Maison and Top Harvest Capital. The company previously raised $14 million in Series A funding in 2020.
WHAT IT DOES
Inato offers a technology platform that connects pharma companies and potential clinical trial sites. Research sponsors can post information about their upcoming trial, and interested sites can view their needs and submit a full enrollment plan. Inato then reviews their applications, verifies it with the site and recommends options to the trial sponsor.
Inato pitches the process as a way to ensure more patients can participate in studies and increase diversity — a long-term problem for clinical trials.
“At Inato we are reversing this trend by flipping the model and empowering research-experienced community sites to access the right trials for their team and local populations – regardless of who they are or where they live,” Inato cofounder and CEO Kourosh Davarpanah said in a statement.
“This also enables sponsors to partner with a broader range of verified community research sites, decreasing competition, accelerating site activation and increasing patient access.”
The startup plans to use the funding to support international growth, product updates and new hires. Inato said it will also continue working on a diversity product offering that aims to help sponsors meet new FDA rules that require diversity plans for trials, hone in on oncology-specific enrollment and improve its data made to improve its matching capabilities.
MARKET SNAPSHOT
A number of digital health companies are looking to the clinical trial technology space, with many citing diversity and access as key issues for research.
Early this year, Paradigm, a clinical trial platform backed by ARCH Venture Partners and General Catalyst, launched with $203 million in Series A funding. Australian startup HealthMatch, which matches patients to clinical trials, raised nearly $7 million last year. Others in the space include Science 37, Medable and Curebase.
Retailers like Kroger, CVS and Walgreens have also recently launched clinical trial services arms, arguing their brick-and-mortar presence throughout the U.S. could make it easier for patients to get involved in clinical trials.
Dr. Shelly Nash will offer more details during the HIMSS23 session “Creating Technology to Empower Patients and the Home Dialysis Experience.” It is scheduled for Wednesday, April 19, at 2:30 p.m. – 3:30 p.m. CT at the South Building, Level 4, room S406 A.