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Tech-enabled clinical research platform Paradigm Health has secured $78 million in an oversubscribed Series B financing round and announced its acquisition of oncology-focused digital health company Flatiron Health's Clinical Research Business.
The Series B round was led by ARCH Venture Partners, with participation from new investor DFJ Growth and existing investors General Catalyst, GV, F-Prime, Lux Capital, Mubadala Capital, the American Cancer Society's BrightEdge Fund and other investors.
WHAT IT DOES
Paradigm Health offers an intelligent research platform that connects patients, providers and trial sponsors, using AI to automate patient matching and site feasibility.
The company says it integrates directly with provider organizations to connect patients with clinical trial services and helps providers and sponsors develop and deliver therapies.
Through the purchase of Flatiron's Clinical Research Business, Paradigm will add a tech-enabled oncology research network to its portfolio, as well as Flatiron's clinical research tools.
It will expand Paradigm's commercial business into cardiovascular disease, metabolic conditions, neuroscience and other therapeutic areas.
The company touts that following the transaction, its platform is available in 45 states in the U.S. and within 166 healthcare provider organizations, including 123 community oncology practices and 43 health systems and academic medical centers.
Flatiron and Paradigm also established a multi-year strategic partnership, which will integrate Flatiron's clinical research tools and site network with Paradigm's technology platform.
Simultaneously, the partnership will see Paradigm's tools integrated into Flatiron's OncoEMR, a cloud-based electronic medical record platform. Paradigm will provide clinical research support to OncoEMR customers and Flatiron's existing clinical research partner health systems and academic medical centers.
The Series B investment will be used to speed up Paradigm's expansion with global biopharmaceutical companies.
"This partnership brings together the strengths of both organizations," Nathan Hubbard, CEO of Flatiron Health, said in a statement.
"By combining Paradigm Health's AI-powered trial infrastructure with Flatiron's trusted network and support across academic and community oncology sites, we're building a stronger, more connected ecosystem for clinical research – expanding capabilities, accelerating impact and advancing our shared mission to bring new treatments to patients faster."
MARKET SNAPSHOT
Paradigm Health launched in 2023 with $203 million in Series A funding in a round co-led by ARCH Venture Partners and General Catalyst. Paradigm was conceived by ARCH Venture Partners and co-incubated by ARCH and General Catalyst.
Alongside the funding, the company announced its acquisition of Deep Lens, a patient recruitment platform for oncology-focused clinical trials.
Flatiron Health, which Roche acquired in a $1.9 billion deal in 2018, has formed numerous partnerships since early 2024.
In May of last year, the company announced exclusively through MobiHealthNews that it formed a strategic collaboration with the Association of Cancer Care Centers to promote access to clinical trials in the community setting, improve clinical study efficiency and enhance the collection of study-related data.
In January of this year, Flatiron announced a partnership with DeepScribe, an AI-enabled clinical documentation tool for healthcare providers, to bring DeepScribe's AI documentation to clinicians who use Flatiron's OncoEMR.
Two months later, the University of Colorado Cancer Center (CU Cancer Center) and Flatiron Health teamed up to make clinical trials more efficient by reducing administrative burdens on researchers.
The partnership brought together Flatiron Clinical Pipe to CU Cancer Center and UCHealth to allow clinical trial data to move directly from electronic health records to electronic data capture systems.
In April, Flatiron Health announced a strategic partnership with Massive Bio, a company that helps cancer patients find and enroll in clinical trials, to use Massive Bio's database on a per-study basis to find patients who are not enrolled in clinical trials but live close to a trial site.
