Condor Software announced it has raised $24 million in a Series A funding round led by Insight Partners, with participation from Felicis, 645 Ventures, Pamir Ventures, SNR Ventures, Prebys Ventures, and Bramalea Partners. The company has now raised a total of $36 million.
The San Diego-based company is building an AI-powered financial intelligence platform designed specifically for life sciences organizations. Its platform unifies clinical, operational, and financial data to help pharmaceutical and biotech companies better understand and control the cost of developing new therapies.
Pharmaceutical companies spend an estimated $300 billion annually on research and development, yet financial decision making in clinical trials often relies on fragmented data and manual processes. Condor aims to address this gap by providing real-time visibility into trial spending, budget performance, and asset value, helping teams determine whether continued investment is justified.
Founded by CEO Jennifer Kyle, who previously built accounting workflows used across the pharmaceutical industry, Condor has developed a platform based on proprietary clinical and financial ontologies. These map relationships between trial protocols, site activity, vendor contracts, and accounting rules, enabling more automated and accurate financial operations.
The platform includes three core modules. Connect integrates clinical and financial data into a unified system. Compass provides forecasting, scenario modeling, and risk insights. Copilot automates accruals, reconciliations, and month-end close processes.
Condor currently manages more than $19 billion in R&D spend and is used by organizations including Acadia Pharmaceuticals, Alumis Therapeutics, BridgeBio Pharma, and Madrigal Pharmaceuticals. Customers report over 90 percent forecast accuracy, 70 percent faster month-end close, and approximately 30 percent budget savings.
The company plans to use the new funding to expand its platform capabilities, enhance enterprise features for large pharmaceutical companies, and grow its engineering, product, design, sales, and customer success teams.
KEY QUOTES:
“I’ve seen firsthand that therapies save lives. Too often though, promising therapies are killed in budget meetings by data that’s months out of date. This isn’t a science problem; it’s a financial visibility problem. That’s why I founded Condor—to give life sciences companies the financial clarity they need to bring life-changing therapies to patients. When the economics become clear, good therapies find their way to success. Closing our Series A round underscores that we have a winning vision and platform. Now we must continue to attract and empower extraordinary talent to deliver even more value to clinical teams, expand our platform’s enterprise capabilities, and scale Condor globally.”
Jennifer Kyle, Founder And CEO, Condor
“What drew me to Condor was the automation. Our team works with gigantic files, dozens of tabs, and thousands of rows of data. To automate all of that previously manual work is life changing. We expect Condor to boost our operating efficiency by thirty to forty percent.”
Vince Barella, Director Of Research And Development Accounting, Alumis
“Condor has built the financial intelligence layer underneath clinical trial management, which is where some of the most consequential decisions in drug development are made. Jennifer is creating a new category in financial products for pharmaceutical and life sciences companies, providing the foundation for AI-powered finance workflows. We’re thrilled to partner with her and the Condor team.”
Alexander Leibowitz, Vice President At Insight Partners
“Clinical trial finance is one of the last major workflows in drug development that still runs on spreadsheets. In an industry that spends more on R&D than almost any other, the financial stakes are enormous. Condor moves the industry toward an AI-enabled future driving tremendous ROI.”
Richard Matus, Principal At Insight Partners
