Australian clinical trials company Evrima has raised $3 million to boost its aim to double headcount and grow the capabilities of its tech platform.
In closing the round, Evrima – a startup pioneering an end-to-end solution for clinical trials – has become the first recipient of Artesian’s new Female Leaders Fund and also had participation by BridgeLane Capital and Wavemaker Partners.
Founded in 2019 by Charlotte Bradshaw, who built her career around clinical research recruitment and marketing, Evrima says its platform aims to ease the various pain points faced by researchers in establishing and operating a clinical trial.
“This primarily lies in recruitment, where over 80 percent of studies are delayed due to the time it takes to find and qualify enough relevant patients for a trial. This problem is compounded by a lack of easily accessible information for General Physicians on local clinical trials,” notes Evrima.
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“Evrima’s platform allows patients and their doctors to easily register their interest for various clinical trials using digital phenotypes and workflow automation. Similarly, by registering their study, sponsors and researchers can access qualified participants for their trial, and leverage operational data to help make informed decisions regarding the management of the trial,” notes Evrima.
“The company has gone on to work with Avance Clinical, Top 5 pharmaceutical, and ASX-listed biotechnology companies, assisting with clinical trials for various therapeutics and devices.
“Operating during the COVID-19 pandemic, Evrima saw 306% growth in its annualized revenue and was recognized for it in last year’s Deloitte Fast 50 Awards. The company has also made inroads in expanding to the US–a dominant market for clinical trials. It was selected as one of two Australian companies to pitch at BIO2022 in San Diego in June 2022.”
CEO and founder of Evrima Charlotte Bradshaw said: “Most of our growth to date has been on the back of referrals and repeat business from our clients. If anything, the pandemic highlighted the need within the biotech community to embrace technology to help them run both efficient and robust clinical trials. It’s also raised awareness of the process with the public too–we saw a 51% increase in the number of candidates on our database last year.
“We initially started Evrima as a clinical trial recruitment platform, reducing the time it takes to find, match and enroll the right sample size for a trial. We’ve built technology to address that need. But in doing so, we found that there are so many difficulties in the trial management process that can be addressed through technology. These funds will help us build out new features to address this to both support existing clients and take on new ones.
“We’re honored to be the first recipient of Artesian’s new Female Leaders Fund, and look forward to engaging with them, BridgeLane Capital and Wavemaker Partners on growing the business. This round marks the start of our next growth phase for our business. We’re looking to double our headcount, hiring another 10 roles within the next 6 months. We will also continue proactively engaging new biotechs to use our platform. One of the new markets we’ll be targeting is post-marketing trials, testing the efficacy of products that are already on the market. It’s an underserved area in our sector.”
Portfolio Manager for Artesian’s Female Leaders Fund, Alexandra Clunies-Ross said: “The Evrima platform is transforming the patient identification and recruitment process for clinical trials, making it more cost and time-effective without sacrificing on quality. Artesian was drawn to the long-term vision and industry experience of Charlotte and her team, who are solving a complex problem, and are now scaling the business globally. We are proud to be backing Evrima as the first investment in the US$100 million Female Leaders Fund which targets strong returns by providing financial and strategic support to the unique perspectives, unexplored business opportunities and underinvested talent of female founders across the Asia Pacific region”
CEO of BridgeLane Group Markus Kahlbetzer said: “The pandemic was a wake-up call for how important it is to have an efficient and effective clinical trial industry in order to bring life-saving drugs to market quicker. Evrima’s unique recruitment and project management tool is helping to do just this by disrupting the way pharmaceutical and biotechnology companies recruit and manage patients. The growth Charlotte and her team have boasted to date is a testament to how important Evrima’s offering has become.”
Ben Edwards, Chief Strategy Officer from Avance Clinical said: “Avance Clinical leverages a number of world class technology solutions that support patient recruitment planning and rapid patient enrollment. As one of Avance Clinical’s partners, Evrima supports a number of our client’s studies, accessing a broader population of clinical trial participants to hit or exceed recruitment milestones. Working with Evrima allows Avance to offer tailored digital technology solutions targeted at de-risking patient recruitment and leading to improved patient outcomes.”
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