Teckro Secures $25 Million Series C Funding to Advance Digital Transformation in Clinical Trials

On February 15, 2019, VCBeat (WeChat Official Account: vcbeat) learned that Teckro, an Irish clinical trial startup, had completed a $25 million Series C financing round, bringing its total assets to $43 million. The round was led by Northpond Ventures, with participation from Founders Fund, Sands Capital Venture, Borealis Ventures, and Section 32.

Currently, most clinical trials still rely on manual, paper-based operations and management. Following the completion of this funding round, Teckro will accelerate the research and development of clinical trials, further digitizing and modernizing the clinical trial R&D process.

Teckro, a clinical trial software startup, was founded in 2015 in Limerick, Ireland, by the founding team of Firecrest, with offices in Dublin and Nashville. On August 8, 2016, Teckro completed a $6 million Series A financing round, jointly invested by Founders Fund and Enterprise Ireland. On August 31, 2017, the company closed a $10 million Series B financing round, led by Section 32, Sands Capital Ventures, and Founders Fund.

In the modern healthcare sector, clinical research and development is a complex and costly process, making it increasingly difficult to conduct clinical trials effectively. Teckro’s software connects pharmaceutical manufacturers, clinicians, and patients participating in clinical trials, enabling access to trial information and tracking progress via mobile devices. It leverages machine learning to help users answer clinical questions more quickly and easily.

Teckro CEO Gary Hughes stated in a press release: “When it comes to digital transformation, the actual process of participating in clinical trials has barely changed over the past 20 years for physicians, research nurses, or patients. Our vision is to become the central hub for clinical trials and patient engagement. We are building a new digital infrastructure and platform for clinical research to make trials simpler, more transparent, and more inclusive.”

Firecrest was a company that provided on-site performance and learning management services to pharmaceutical companies; it was acquired by the pharmaceutical company ICON in 2011. ICON is a global provider of outsourced development services to the pharmaceutical, biotechnology, and medical device industries, with a focus on the strategic development, management, and analysis of clinical development programs.

Northpond Ventures is a venture capital firm headquartered in Bethesda, Maryland, primarily investing in the life sciences and technology-related sectors.

Founders Fund, established in San Francisco, USA, in 2005, is a venture capital firm managing over $2 billion in assets. It primarily invests in aerospace, artificial intelligence, advanced computing, energy, healthcare, and consumer internet sectors.

Sands Capital Ventures is an early-stage venture capital and growth equity investment firm, primarily investing in life sciences, software services, and retail enterprises.

Borealis Ventures is an early-stage venture capital firm that invests in information technology, software engineering, and life sciences companies, helping them establish their market positioning.

(Compiled by Zhang Yaping)