ObjectiveHealth Inc. has received an eight-figure growth investment from an international firm.
The Franklin-based specialty research network and technology company received an undisclosed amount of funding from global growth-focused investment firm Vitruvian Partners, according to a press release.
The investment will be used to expand operations and continue the company’s rapid pace of growth, which will include increases in full-time employees and expansion to over 100 centers of excellence. In Nashville, the company expects to quadruple its workforce over the next four years.
“These are exciting times for clinical research, and ObjectiveHealth is at the forefront of delivering a new research model that helps address some of our industry’s biggest challenges, while supporting our physician partners in bringing new care solutions to patients in communities we serve,” said Dr. Don Lazas, co-founder and chief medical officer at ObjectiveHealth, in the release.
Objective Health partners with physicians to integrate clinical trials into their practice with the goal of improving patient access to trials and providing pharmaceutical companies research opportunities. The company uses proprietary artificial intelligence driven technology to identify and recruit patients for trials and provides a platform to manage trial workflow. The company also offers clinical trials.
The use of artificial intelligence has boomed across the health care and business world over the past year. As AI evolves, more business leaders across Nashville are embracing the technology and figuring out how it can improve efficiency.
“As we move into the age of precision medicine, clinical research will be increasingly vital to the future of healthcare and, at ObjectiveHealth, we’re uniquely positioned to provide needed solutions for modernizing and elevating the trial process,” said Colleen Hoke, co-founder and CEO of ObjectiveHealth, in the release.
In 2023, the company opened its 30th research center of excellence; launched their AI-powered recruitment platform, ObjectiveScreen; unveiled a technology portal that provides transparency to sponsors of clinical trials, ObjectiveView; and continued to expand its research portfolio into dermatology, urology and oncology.
In the past, the company has received investments from BIP Ventures and Frist Cressey Ventures.
“Under Colleen and Don’s leadership, ObjectiveHealth has built an innovative and disruptive platform for advancing clinical research,” said Sophie Bower-Straziota, partner at Vitruvian, in the release. “As clinical research continues to converge with healthcare, we believe our investment will give ObjectiveHealth the resources to further develop its technology, broaden its reach into new regions and deliver more treatment options for patients.”
