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Clinical trials startup Power secures $7 million in funding

by Babu Patil
Clinical trials startup Power secures $7 million in funding

Power, a digital platform that improves access to clinical trial studies, raised $7 million in seed funding.

Footwork and Charles River Ventures led the round with additional investments from Artis VenturesSouth Park Commons, and AirAngels.

Power data shows that 86% of U.S. clinical trials are delayed because of a lack of patient enrollment. The delay will create a massive bottleneck in disease research and drug development, costing the life science system billions of dollars.

Even more distressing is that just 5% of U.S. patients participate in a potentially life-changing clinical trial due to opaque practices and antiquated systems.

Power aims to modernize clinical trial access. Its digital platform allows patients to access and navigate clinical trials and connects patients directly with research teams. The platfrom has supported over 30,000 clinical trials and 100,000 researchers spanning 10,000 medical conditions, and the company is on track to have more than 500,000 patients use the platform this year.

“Today, we have web portals that aggregate third-party data to help people shop for insurance, vacation rentals, and new homes. Power is applying that same technology to facilitate direct access for the other 95% of patients who are left to navigate the clinical trial system alone,” said Jeff Kindler, operating partner at ARTIS Ventures.

According to Grand View Research, the clinical trial market will hit approximately $78.3 billion by 2030. ...

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