Health IT, Pharma

NextDocs raises $13.5M to maximize clinical trial software shift

NextDocs has raised $13.5 million in a financing round led by OpenView Venture Partners, which […]

NextDocs has raised $13.5 million in a financing round led by OpenView Venture Partners, which invests in expansion stage companies. It wants to benefit from the trend of life science companies replacing the legacy document management software they use to support clinical trials with regulated content management and compliance solutions in an effort to make clinical trials more efficient and less costly.

Eastward Capital and Bridge Bank also participated in the funding round. Earlier this summer NextDocs raised $5 million.

Its CEO Zikria Syed said the additional equity investments would be go towards its software products to build marketshare, according to a company statement.

The Conshohocken, Pennsylvania company has a technology partnership with Microsoft and develops software that’s compatible with Microsoft’s enterprise collaboration software, SharePoint. It launched a cloud-based solution for emerging life science companies earlier this year called QuickStart.

NextDocs said it has had success making inroads with its software to some of the largest contract research organizations, some of which develop their own clinical trial support software or partner with third-party vendors.

Other companies have taken different approaches to ease the pain points for clinical trials. MyClin, which developed a social collaboration platform to help manage the different systems and tools investigator site managers use to communicate with the clinical trial ecosystem. CTB Solutions’ Synsource software program integrates clinical operational data and financial data to give a real-time view of how much the study will cost and how long it will take. Clinverse developed cloud-based software called ClinPay to automate payments for hospitals, physicians and research centers.

 

Shares0
Shares0