TriNetX, a Cambridge, Mass. based global health research network company that is transforming clinical research and enables discoveries through the generation of real-world evidence (RWE), announced it raised $40 million in Series D funding. Including this round, TriNetX has raided $102 million.
This was an oversubscribed round of funding that was led by Merck Global Health Innovation Fund (Merck GHIF). New investors Mitsui & Co., Ltd., ITOCHU Technology Ventures, ITOCHU Corporation, and existing investors MPM Capital, F2 Ventures, and Deerfield Management also participated.
This new round of funding will be used for accelerating the company’s expansion efforts in Europe, Asia, and South America. And the funding will be used for further developing their analytics platform especially in the areas of AI, machine learning, and digital clinical trials.
“The landscape for clinical research is changing and TriNetX is leading the disruption as the industry transitions to leveraging data-driven insights to power clinical research and market surveillance,” said TriNetX CEO Gadi Lachman. “We’ve created the only real-world evidence ecosystem that brings data, analytics and a researcher community together, to aid in the design of randomized or pragmatic clinical trials and support of observational studies, whether retro- or prospective, controlled or longitudinal.”
With TriNetX, researchers are able to apply a data-driven approach to clinical trial design, site selection, and the generation of RWE by providing web-based and on-demand access to harmonized clinical and claims data with a suite of actionable analytics. The global and clinical and claims data represents more than 300 million patients available through TriNetX is mapped for controlling terminology and consists of clinical facts from hundreds of healthcare organizations, deep specialty data across all therapeutic areas, and linked medical claims, pharmacy claims, and EMR data.
“Real-world data is important when conducting clinical trials, drug research and discovery today,” added Merck GHIF VP/Managing Director Joe Volpe. “TriNetX enables a global industry exchange and liberates data with the potential to rapidly provide answers to hard questions. With TriNetX, what previously took days or weeks to determine may often be done in minutes–that’s why we’re excited to participate in this financing round to grow and expand TriNetX’s offerings.”
Ever since TriNetX started commercialization, its customer base expanded to include 29 industry customers consisting of 9 out of the top 15 pharmaceutical companies including such as Novartis, Sanofi and Pfizer along with 5 of the top contract research organizations (CROs).
