Comprehend Systems has raised $8.4 million in funding led by Sequoia Capital. Other investors that participated in this round includes Aaron Levie (founder of Box Inc.), the Life Sciences Angel Network in New York, and several other angel investors.
Comprehend Systems has developed a software-as-a-service platform that helps drug maker and medical device companies tie together systems as part of an effort to advance and enhance clinical trials. Comprehend Systems wants to help decrease costs that are associated with clinical trials and increase the speed of bringing life-saving drugs to the market along with medical devices.
Comprehend Systems graduated from Y Combinator in the winter of 2011 and previous raised $1.2 million in seed funding. The company currently has 11 employees. Some of the users of their platform includes executives at medical device companies and drug companies. This includes chief information officers and directors of data management or clinical operations that want to monitor the status of multiple clinical trials.
Generally clinical trials would involve a lot of data being stored on PDFs, e-mails, and spreadsheets. There is a dearth of central repositories for this crucial information. Clinical scientists would have to constantly printout and crunch numbers.
Comprehend has a centralized dashboard where team members can drag-and-drop widgets. The company also has collaboration tools for team members to communicate with each other. Patient, chemical, and operational data can be assessed without one trial or within intra-company studies in real-time using multiple types of data.
There are about 60,000 new clinical trials started in a ear worldwide. Companies spend tens and hundreds of millions to get them done. This means that Comprehend has a lot of room to grow. Comprehend will use the funding to continue supporting top-tier drug and medical device clients. They will also use the funding to aggressively hire talent.