Deep 6 AI Raises $17M Series A Led by Point72 Ventures to Accelerate Clinical Trial Recruitment
PASADENA, Calif.--(BUSINESS WIRE)--Nov 25, 2019--
Deep 6 AI, the leading provider of clinical trials acceleration software, announced today that it has raised $17M in Series A funding led by Point72 Ventures, with GSR Ventures and strategic partners participating. The investment will build the company’s capacity to meet demand from healthcare providers, pharma companies, and contract research organizations for the company’s suite of AI-driven tools designed to accelerate and optimize clinical trials design, recruitment, and management .
Tens of thousands of clinical trials are registered with the FDA each year to evaluate new therapies, but many of them fail to identify and recruit enough patients in a timely manner to clinically validate the efficacy of the treatment under study. The process of evaluating patients against a trial’s complex recruitment criteria is extremely time-consuming and inefficient, requiring full-time staff dedicated to combing through patient records, one at a time. As a consequence of this inefficiency, over 85% of trials are delayed and many trials ultimately fail due to poor recruitment.
“We see clinical trials recruiting as a place where a data and AI-driven approach holds tremendous promise in accelerating life-saving research,” said Point72 Ventures partner Daniel Gwak. “Deep 6′s track record in accelerating clinical trials through improved patient recruitment and trial design has resonated strongly with major healthcare providers and trial sponsors, who recognize Deep 6 as the clear leader in this field. We are excited to support them in scaling up to meet demand as more organizations recognize the need for and value from Clinical Trials Acceleration software.” As part of this investment, Daniel Gwak will join the Deep 6 AI Board of Directors.
Trial delays come at a great financial cost -- each day of delay potentially costs trial sponsors millions of dollars in lost revenue -- as well as a personal cost, as patients cannot access the most innovative care. Deep 6 uses AI to parse clinical trial qualification criteria and match against repositories of structured and unstructured patient health data at participating trial sites. This allows teams running clinical trials to identify and review qualified patients in a matter of minutes. It also allows trial sponsors and healthcare providers to know in advance where to find qualified patients before they invest in activating trial sites and recruiting patients.
“We are very excited to partner with Point72 Ventures to pursue our vision to build the leading global clinical trials acceleration software platform. Point72 Ventures’ emphasis on backing best-in-class category leaders validates Deep 6’s reputation as the product and technology leader in this new industry,” said Deep 6 AI CEO, Wout Brusselaers. “Their investment will allow us to rapidly scale up to meet the high demand for our software, as health systems recognize the significant opportunity from leveraging AI to turn their research efforts into a growth and profit center.”
Deep 6 AI’s customers today include Cedars Sinai Medical Center and Texas Medical Center, among several other large health systems across the U.S., in addition to a number of large life sciences companies, medical device companies and contract research organizations. The company will use the proceeds from the raise to accelerate the growth of its network of leading healthcare providers and trial sponsors and keep expanding its suite of innovative, AI-native software products.
ABOUT DEEP 6 AI
Using artificial intelligence on medical records, Deep 6 AI finds more, better-matching patients for clinical trials in minutes, not months, getting life-saving cures to patients more quickly. Deep 6 AI also helps sponsors and CROs with better trial feasibility design, site selection, real-time analysis of study results, and improved trial response rates, from selecting better-matching trial subjects. Deep 6 AI is a Techstars, StartX, and TMCx alum and is currently in use by leading hospitals, such as Cedars-Sinai Medical Center, the Texas Medical Center, and other research institutes, life sciences companies and CROs. The company was founded in 2015 and is based in Pasadena, CA. Learn more at https://deep6.ai
ABOUT POINT72 VENTURES
Point72 Ventures is a global venture capital firm led by a diverse set of domain experts with the capital to lead rounds through all stages of company growth. The firm invests primarily in Fintech, AI/ML, and Enterprise technologies. As an independent arm of Point72, the global asset management firm led by Steven A. Cohen, Point72 Ventures offers well-informed insights into the global economy. Point72 Ventures has offices in New York City, Palo Alto, San Francisco, and Stamford, Connecticut. For more information, visit: http://p72.vc/
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VP of Marketing
Deep 6 AI
Director, Media Relations
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY HEALTH CLINICAL TRIALS
SOURCE: Point72 Ventures
Copyright Business Wire 2019.
PUB: 11/25/2019 03:24 PM/DISC: 11/25/2019 03:24 PM