Company to Accelerate International Expansion and Further Investments in AI, Machine Learning, and Digital Clinical Trials
Cambridge, MA, March 13, 2019 —TriNetX, the global health research network that revolutionizes clinical research and enables discoveries through the generation of real-world evidence (RWE), has secured $40 million in Series D financing bringing its total funding to $102 million. The oversubscribed round was led by Merck Global Health Innovation Fund (Merck GHIF) along with new investors Mitsui & Co., Ltd., ITOCHU Technology Ventures, ITOCHU Corporation, and existing investors MPM Capital, F2 Ventures, and Deerfield Management.
The new financing will be used to accelerate the company’s ongoing international expansion efforts in Europe, Asia and South America. The funding will also be used to further development of TriNetX’s industry leading analytics platform, especially in the areas of artificial intelligence, 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 Gadi Lachman, CEO of TriNetX. “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.”
TriNetX enables researchers to apply a data-driven approach to clinical trial design, site selection and the generation of RWE by providing web-based, on-demand access to harmonized clinical and claims data with a suite of highly intuitive analytics. The global clinical and claims data representing over 300 million patients available through TriNetX is mapped to controlled 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.
Since TriNetX began commercialization, its customer base has expanded to include 29 industry customers, consisting of nine of the top 15 pharmaceutical companies including Novartis, Sanofi and Pfizer, and five of the top contract research organizations (CROs). TriNetX is powered by an impressive network of healthcare organizations across 17 countries, including the US, UK, Germany, Italy, Japan, Singapore, India and Brazil.
“Real-world data is important when conducting clinical trials, drug research and discovery today,” said Joe Volpe, VP/Managing Director of Merck GHIF. “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.”
About Merck Global Health Innovation Fund
Merck Global Health Innovation Fund (Merck GHIF) is evolving corporate healthcare venture capital globally by utilizing their healthcare ecosystem strategy. This investment strategy connects innovative companies with complementary technologies to develop integrated healthcare solutions. Merck GHIF has $500M under management and provides growth capital to emerging healthcare technology companies worldwide while leveraging the vast R&D-based, global resources of Merck. With a vision that data will be the currency in healthcare, GHIF invests broadly in digital health. GHIF invests in platform companies with proven technologies or business models where Merck’s expertise and perspectives can accelerate revenue growth and enhance value creation. Since late 2010, Merck GHIF has made over 50 investments in Digital Health companies. www.merckghifund.com
About Mitsui & Co., Ltd.
Mitsui & Co., Ltd. is a global trading and investment company headquartered in Japan that is actively engaged in broad areas of business through 136 offices in 66 countries/regions, as well as 472 subsidiaries and associated companies worldwide. Mitsui has one of the largest healthcare related portfolios globally including investments spanning hospitals, pharmaceuticals, medical devices and dialysis clinics.
About ITOCHU Technology Ventures
ITOCHU Technology Ventures, Inc. (ITV) has been actively engaged in investments in venture companies. ITV’s primary mission is to support venture companies with innovative technologies in becoming an integral part of the next generation de facto standard. Since its establishment in 2000, ITV has been launching four consecutive venture funds and investing more than 150 companies. ITV’s investment areas include ICT, finance, infrastructure and energy, agriculture, healthcare and medicine, education, social services for the consumer sector. With its focus on Japan, ITV also invests in potentially prominent foreign companies that create advanced and innovative services or technologies, mainly in the United States. For more information, visit ITV at http://www.techv.co.jp/en/.
About ITOCHU Corporation
With approximately 110 bases in 63 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas.
TriNetX is the global health research network that revolutionizes clinical research and enables discoveries through the generation of real-world evidence. TriNetX combines real time access to longitudinal clinical data with state-of-the-art analytics to answer complex research questions at the speed of thought. The TriNetX platform is HIPAA and GDPR compliant. For more information, visit TriNetX at https://open.tnxdev.com/ or follow @TriNetX on Twitter.