Participated · Seed · Aug 2016

Florence Healthcare builds a workflow platform connecting clinical trial sites, sponsors, and contract research organizations. Its two main products are eBinders, a digital document workflow offering regulatory compliance and remote connectivity, and SiteLink, which links sites, sponsors and CROs. SiteLink powers 4 million remote research activities every month. The company says its software now equips research sites within 25 miles of 80% of the U.S. population. Florence will use the new capital to double the output of clinical trials by enabling remote access, hire, enhance its products, and increase connections between 10,000 clinical trial sites and sponsors. The company has raised $114.1 million to date. Florence Healthcare develops eBinders, a cloud-based clinical trial management platform that supports remote patient monitoring, project management, electronic signatures and interoperability with EMRs and CTMS. The company says its software is in use at more than 5,000 clinical trial sites and sponsors, and sponsor/CRO activity on the platform grew 229% between July 2018 and July 2019. Founded in 2014 and based in Atlanta, Florence is focused on improving digital connectivity across its network to enable more collaborative research and faster document and data exchange. The company plans to use new funding to introduce additional product offerings and to hire sales, marketing and customer support personnel. Management positions the platform as a tool to reduce drug development costs, speed progress and address regulatory pressure for real-time site oversight. The business has a track record of adoption by sponsors and CROs driven by platform functionality and cost savings from remote site connectivity. Florence Healthcare offers the Florence eBinder Suite, a vertical workflow software that moves clinical-trial documentation and processes from paper to the cloud. The platform is designed to feel natural for researchers accustomed to handwritten notes while enabling secure exchange of information among trial sites, sponsors, and regulators. The company says digitization can save pharma time and money, citing industry costs around site visits and paper scanning. Its users include major research institutions such as UCSF, Mt. Sinai, and Sloan Kettering’s PCCTC Cancer Research Center. Founded in 2014 and led by CEO Ryan Jones, Florence aims to increase adoption of its product and expand services across the clinical-trial value chain. Management has suggested longer-term opportunities could include providing data and services to support the FDA and upstream drug-discovery efforts.