How can clinical trials that are extremely time-consuming and costly be simplified? Digitalising trial is the answer. Entering the space to combat the challenge is Munich-based health tech company Climedo.
In a bid to make the process less cumbersome, the German platform has received €5 million in a seed financing round. The lead investor in the round was pan-European VC firm Nauta Capital. Berlin-based Westtech Ventures and existing angel investors, including Prof. Dr. Christian Wallwiener (WMC Healthcare) also participated in the round.
The digital platform for electronic data capture in decentralised clinical trials will use the new capital to expand in Europe and for developing its software solutions.
Founded in 2017 by Sascha Ritz, Dragan Mileski and Veronika Schweighart, the startup is simplifying communication and data capture by digitally connecting all parties involved, such as sponsors, physicians and patients. It is also looking at developing more interfaces such as telemedicine and wearables.
Sascha Ritz, co-founder and CEO of Climedo said: “We want to be the market leader in Europe for patient-centric, electronic data capture by 2024. The fresh capital will help us expand our partner network and fulfil our mission.”
Guillem Sagué, partner at Nauta Capital said: “The platform gives small companies access to clinical trials. The approval of drugs for rare diseases is often not worthwhile for cost reasons. This is something Climedo aims to change. Digitalisation has the potential to make processes much more efficient, thereby contributing to a democratisation of drug development.”
The platform is working with hospitals such as Berlin’s Charité and numerous medical device manufacturers, pharma companies and contract research organisations. Since the COVID-19 pandemic, it has provided its e-diary solution for tracking (suspected) cases to nearly half of all German health authorities to allow contactless monitoring on the side of authorities, without the need for daily telephone calls to ask about people’s symptoms.