Florence Raises $80 Million in Series C Funding for Clinical Trials Technology

By Bruce Harpham Thursday, May 13, 2021

Completing clinical trial research is getting easier thanks to Florence, an Atlanta software startup that connects research sites to pharmaceutical companies. The connectivity software company has raised $80 million from Insight Partners and other investing partners. The startup has more than 100 employees as of May 2021, and its business offerings are already used in 34 countries and over 8,500 study sites.

The software business has played a significant supporting role in researching the COVID-19 pandemic. "Not only do pharmaceutical companies, clinical research organizations, and sites use Florence to manage their COVID studies, they also leveraged our software to ensure that hundreds of other clinical trials across every disease area were able to progress as the industry pivoted to remote work," said Ryan Jones, co-founder, and CEO of Florence.

A lab assistant wearing a face mask working on her computer.

Investing in Florence

Florence has received investing support from Fulcrum Equity Partners, Bee Partners, Flashpoint, and Insight Partners. As a result of the Series C investing round, the startup business has two new members joining its board of directors. Peter Sobiloff, Managing Director at Insight Partners, will join the startup company board. Jon Rosenbaum, Principal at Insight Partners, is also joining the company board. In total, Florence has raised $88 million from 10 investors. The startup company raised its seed round in August 2016.

“Florence’s focus on sites’ adoption of software, with the entirety of the pharma value chain in mind, gives them a unique opportunity to drive value in clinical trials," commented Jon Rosenbaum, Principal at Insight Partners. Insight Partners, established in 1995, is a major investing company that has distributed $30 billion in funds. Insight Partners has invested in Shopify (an ecommerce software business), DocuSign (an electronic signature company), and Udemy (an online education company).

Pharma Remote Work

The pharmaceutical business has had to adjust to a large-scale remote working arrangement. However, the need to stay in touch with research sites has made the transition more challenging. Fortunately, Florence helps business users in pharmaceutical companies save time on remote document management and other business processes. By using Florence, pharmaceutical researchers will not have to travel to research sites to gather documents on the progress of each clinical trial.

Digitizing Clinical Trial Research

The startup software company has expanded beyond the pharmaceutical business sector. Florence helped the University of Arizona Cancer Center eliminate paper charts with its eBinders product. Researchers at the University of Arizona Cancer Center have used Florence to conduct more than 200 clinical trials. Furthermore, the startup’s technology makes it easier for cancer center researchers to share clinical data. Mount Sinai Health System (MSHS) in New York has also used Florence technology to manage data from more than 900 clinical trials. As a result, the department of neurosurgery at MSHS was able to launch additional clinical trials without hiring more staff.

Meeting FDA Requirements

Serving the pharmaceutical business means addressing complex regulatory and legal requirements. The Food and Drug Administration (FDA) has released several documents explaining how to store and protect electronic source data and signatures. The startup technology company helps its business customers fulfill FDA 21 CFR Part 11 requirements. These requirements include the need to complete audits, electronic signatures, and implement controls on systems used to manage clinical research data.

About the Author

Headshot of Bruce Harpham

Bruce Harpham is an author and marketing consultant based in Canada. His first book, "Project Managers At Work," shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.

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