Pi Health has launched on the clinical trial software-as-a-service (SaaS) market after completing a $30m Series A funding.
The US company, created as a subsidiary of BeiGene three years ago, has developed a platform to help increase patient enrolment in cancer trials.
Led by US venture capital firms AlleyCorp and Obvious Venture, the funding will now enable Pi Health to operate as an independent company.
Pi Health points to low participation rates of cancer patients in clinical trials and inefficient clinical trial infrastructures.
Pi Health offers what it terms Front-End Interoperable Capture Software (FOCS). The software, designed to connect sponsors and trial sites, automates manual processes for quicker data collection and a reduced administrative burden. The company says the tech leads to speedier and cheaper drug development cycles.
Pi Health has also added one of the key buzzwords in the pharma industry, generative AI, to its platform. The algorithms can automate clinical documentation, patient matches to trials, and adverse event monitoring.
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By GlobalData
Pi Health CEO Geoffrey Kim said: “We’ve created an entirely new infrastructure for the clinical trial process, which has become mired in inefficiencies that impede progress.”
According to Kim, who was also deputy director of the Oncology Centre of Excellence at the US Food and Drug Administration (FDA), the company is well placed with its tech to help patients with cancer and other rare diseases.
The plethora of SaaS options available for automating aspects of clinical trial workflows has recently undergone even further growth with the emergence of AI. One of the biggest issues in clinical trials, for example, is patient recruitment – AI platforms can help connect those living with cancer to clinical sites trialling experimental drugs.
Recent recipients of funding in the space also include Unlearn, an AI company creating digital twins of participants in clinical trials to allow smaller and faster studies. The US company raised $50m in Series C financing in February this year.
Israel-based QuantHealth has developed a platform, Katina, which simulates trial protocol combinations using AI. The company has raised $17m through Series A financing.
