Formation Bio develops AI-driven technologies to streamline clinical trials and advance drug development, licensing drug IP and co-developing therapies with biotech and pharma partners. The company uses AI to automate study startup tasks, generate patient recruitment materials and adverse-event reports, and to model drug toxicity, tolerability and efficacy for R&D decision support. Formation says it runs trials more efficiently and advances candidates past clinical proof-of-concept. It currently has three drug candidates in its clinical pipeline, including a chronic hand eczema treatment that recently reached phase 3. The company announced a collaboration with OpenAI and Sanofi to jointly design customized AI solutions, with OpenAI providing AI capabilities and Sanofi contributing proprietary data. Formation raised a $372M Series D and has now raised more than $600M in total, funds it says will mainly go toward partnership acquisition efforts and R&D. TrialSpark operates a technology platform that integrates the front-end of clinical trials (recruitment, eConsent, eSource) with back-end functions (data management, monitoring, biostats) to improve trial design, speed, and data quality. The company runs end-to-end clinical development, in-licenses and co-develops drug programs through in-house development, joint ventures and NewCos. TrialSpark intends to acquire and/or partner on clinical-stage pharmaceutical assets and to invest in biotech companies with drug candidates ready for development. The company plans to use its new capital to scale the team, which is rapidly growing across New York City and remotely. Founded in 2016 by CEO Benjamine Liu and CTO Linhao Zhang, TrialSpark combines computational-biology and product/operational experience in its leadership. Financially, the company completed a $156M Series C to fund these strategic and scaling initiatives.

Total raised

$528M

Funding rounds

2

Latest round

Series D

Latest activity

Jun 2024