Florence Secures $7.1M Series B Funding to Accelerate Drug Development with Clinical Trial Software

On October 11, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media that clinical trial software company Florence had completed a $7.1 million Series B financing round. The round was led by Fulcrum Equity Partners, with participation from Atrium Health and Bee Partners.

Previously, Florence raised $1.7 million in seed funding from Bee Partners, an early-stage venture capital firm based in San Francisco, in 2016.

Florence, founded in 2014 and headquartered in Atlanta, USA, partners with innovative clinical trial sites to eliminate site-based operational delays through user-friendly and adaptable software. The demand for electronic data capture is substantial; while other healthcare sectors have moved toward integrated digital workflows, clinical trials have lagged behind, still relying on binders and fragmented electronic systems. Florence’s flagship product, Florence eBinders, accelerates clinical trial workflows through leading digital management, digital resource management, and contract management solutions, thereby eliminating the need to send mail or emails to investigative sites and to manually create clinical trial documents and agreements.

Clinical research organizations that have fully adopted Florence’s eBinders have reported a 20% average acceleration in study startup times and a 40% reduction in document cycle times—enabling clinical trial sites to expand their study capacity without increasing operational staff. These data are sourced from Florence’s official website, and clinical trials currently using the Florence system span more than 600 major disease areas.

Currently, Florence boasts a network of over 5,000 clinical trial sites and sponsors. More than 5,000 researchers utilize its product, Florence eBinders, to manage eRegulatory and eSource documentation for over 1,200 studies.

Florence CEO Ryan Jones stated, “Clinical drug trials are progressing more slowly and are more costly than they were a decade ago, hindering patient access to cutting-edge therapies. Our mission is to address this challenge. Over the past five years, we have built the largest network of connected clinical trial sites through our eBinders platform. Now, our new partnerships with Fulcrum, Atrium, and Bee will enable us to digitally link our clinical trial network with pharmaceutical sponsors and contract research organizations (CROs), thereby creating a novel research network that accelerates drug development.”

Fulcrum Equity Partners was established on June 1, 2006, and is headquartered in Atlanta, Georgia, USA. Fulcrum Equity Partners is a growth equity firm dedicated to investing in companies in high-growth sectors such as SaaS, technology-enabled services, healthcare services, and healthcare IT. To date, Fulcrum has raised over $280 million across three funds and invested in more than 30 companies.

Atrium Health is an innovative healthcare organization that provides a full spectrum of healthcare and wellness services across North Carolina and South Carolina in the United States. It boasts a diverse network of more than 900 care locations, including academic medical centers, hospitals, healthcare pavilions, physician practices, surgical and rehabilitation centers, home health agencies, skilled nursing facilities, and hospice care.

Bee Partners is a San Francisco-based investment firm dedicated to investing in ultra-early-stage startups within the United States.