Castor EDC, an Amsterdam-based healthtech startup, has raised €5.3 million in a funding round led by INKEF with participation from several angel investors. The company is planning to use the fresh capital to expand its research data platform in the US.
Founded in 2012, Castor EDC is working on an Electronic Data Capture (that's what EDC stands for) platform for medical researchers. So far it's managed to secure partnerships with three large academic hospitals: Academic Medical Center (AMC, Amsterdam), Radboudumc (Nijmegen), and Leids Universitair Medisch Centrum (LUMC, Leiden).
“Medical data has become the world's most valuable asset, yet it wastes away in modern-day research,” said Derk Arts, Castor’s founder and CEO. “At Castor, we have built a cutting-edge, user-friendly platform that we are putting in the hands of every medical researcher worldwide. With the help of our system, we allow researchers to streamline the clinical trial process and use their data to its full potential.”
Castor EDC allows medical researchers to set up data collection forms and questionnaires, as well as import, export, and analyse the patient data. The company, which received a €1.1 million Horizon 2020 grant in 2017, will use the new funding to prepare its US expansion and work on broadening its offering.
“We will focus on developing our technology to have the biggest impact on medical research: fully mobile workflows, increasing the number of integrations with Electronic Medical Records (EMRs) and putting the patient in the driver’s seat by further integrating our patient-facing dynamic consent module, called MyConsent,” Arts said. “It will be instrumental in fixing one of the largest problems in medical research: patient recruitment.”
Currently, the company employs some 30 people across its headquarters in Amsterdam and an office in Boston (US). The platform hosts more than 3,000 studies and has more than 20,000 registered users.