Florence, an Atlanta-based clinical trials software startup, has raised $7.1 million in a Series B round led by Fulcrum Equity Partners. Atrium Health and Bee Partners also participated in the round.
The startup, which assists clinical trials through software by managing document and data flow between research sites and sponsors, will use the funding for Florence's product offerings. The company also plans to grow its sales, marketing and customer success teams, according to a news release.
"Clinical drug trials are slower and more expensive than ten years ago, halting access to cutting edge medicines," Ryan Jones, CEO of Florence, said in a statement. "We are on a mission to fix this. Over the past five years, we've built the largest network of connected clinical trial sites through our eBinders platform. Our new partners, Fulcrum, Atrium, and Bee, will now allow us to digitally connect sites to pharmaceutical sponsors and clinical research organizations, creating a new type of research network that speeds progress."
Currently, Florence has a network of 5,000-plus clinical trial sites and clinical trial sponsors. Their product Florence eBinders is used by 5,000-plus investigators to manage eRegulatory/eSource for over 1,200 studies. The company also provides solutions for eTMF and a virtual site workspace for monitoring, startup and document exchange.
The company reports that between July 2018 and July 2019, the activity of sponsors and CRO users on the Florence platform increased by 229%. Florence's goal is to promote medical advancement while also reducing drug development costs and risks.
Florence was founded in 2014 by Jones, CTO Andres Garcia and Clinical Director Dr. Michael Kassin. Prior to this round, Florence raised a $1.7 million seed round from Bee Partners, a San Francisco-based early-stage venture firm, according to Crunchbase.
