NEW YORK – July 1, 2021 - ObvioHealth, a global Virtual Research Organization (VRO), announces it has raised $31 million in its latest round of financing. The round was led by two new partners: Dedalus Group a leading healthcare and diagnostic software provider in Europe backed by Ardian, and Novotech Health Holdings Pte. Ltd. ("Novotech"), the largest biotech-specialist CRO in Asia Pacific in terms of revenue in 2020.
The collaboration with Dedalus integrates clinical research with EHR (electronic health record) data, facilitating clinical trial design and recruitment while helping healthcare providers from over 6,000 hospitals and clinics to deliver better care to more than 330 million patients. The initial stage of the partnership enables researchers to conduct granular prognostic and predictive analysis for identification of more precise patient subpopulations while maintaining full compliance with stringent global privacy and data safety regulations.
Novotech specializes in conducting clinical research for biotech companies in Asia-Pacific, a fast-moving market with an appetite for virtual trials. The partnership means ObvioHealth will become Novotech’s preferred provider for virtual clinical trials in APAC. In return, Novotech will become ObvioHealth’s preferred CRO in the region for hybrid and virtual trials. This partnership will grow ObvioHealth’s presence in a region known globally for its medical research and access to large diverse patient populations. Novotech has 29 offices across APAC with local expertise in each market essential to the success of clinical trials in this region.
"The addition of Dedalus and Novotech as investors and partners is a real boon to ObvioHealth’s strategic roadmap," said Ivan Jarry, ObvioHealth’s CEO. "Both companies are leaders in their respective fields. These complementary assets will allow us to continue to grow our global footprint and extend our virtual trial competencies beyond traditional boundaries."
"Our efficient approach to conducting clinical trials is a key driver of our growth in the biotech space, where clients are seeking faster and more cost-efficient solutions," said John Moller, CEO at Novotech. "Virtual trials offer patients greater access to the important clinical trials conducted across our region", he added.
Together the Dedalus and Novotech Series B investment represents $18.5 million. Additional investment comes from, SPRIM Global Investments, a healthcare and life science-focused venture fund that was the initial seed investor in ObvioHealth and AT Capital group, a Singapore based family office with over US $2 billion of proprietary assets under management as well as other existing investors.
The financing enables ObvioHealth to boost the IT capabilities of its proprietary ecosystem and platform for conducting virtual clinical trials, including the GDPR compliant bridging software to query EHR data. ObvioHealth also intends to make key hires in the coming year, particularly in Asia, with plans to expand the Singapore office into a technology hub.