COVID-19 spotlights the critical need for Datacubed’s remote and flexible electronic clinical outcomes assessment technology
NEW YORK--(BUSINESS WIRE)--#CapitalRaise--Datacubed Health (“Datacubed”), a healthcare technology platform that provides electronic clinical outcomes assessments (“eCOA”) for patients participating in clinical trials, announced today an investment from Sterling Partners (“Sterling”), an investment firm focused on transformational growth. Datacubed’s eCOA SaaS platform is driven by behavioral science and creates frictionless experiences for patients and seamless data collection throughout a clinical study.
As the company continues to grow and work with new partners, including leading pharmaceutical companies, chief research officers, health systems, and insurance companies, Sterling’s capital will be deployed to invest in talent development, increase operational efficiencies, and expand to adjacent markets. Sterling has nearly four decades of experience building high-growth, tech-enabled businesses and healthcare organizations. Sterling currently manages over $1.5 billion and has invested over $500 million dollars in the healthcare and life sciences sectors.
With Sterling's investment, Datacubed has now raised nearly $30 million from its founders, angel investors, and Sterling.
COVID-19 Creates Critical Market Opportunity for eCOA
Clinical trials are incredibly complex, often involving thousands of participants, costing tens of millions of dollars, and lasting a decade or more. These critical studies still rely on outdated forms of patient communication and tracking that create friction and data gaps throughout the trial process, resulting in errors and delays in bringing potentially life-saving drugs to market.
Datacubed’s disruptive technology platform increases compliance rates from an average of 60-70% to over 85%, which significantly decreases trial costs and brings products to market earlier. Datacubed allows clinical trial study teams to set up trials within minutes and greatly facilitates engagement with trial participants. As one of the industry’s leading SaaS solutions coupled with its foundation in behavioral science, Datacubed accelerates the time-to-market for new trials while improving patient engagement, compliance, and retention.
“Most trial-related processes are inefficient and require extensive face-to-face time from patients, clinicians, and trial managers,” said Brett Kleger, CEO of Datacubed. “COVID-19 has completely uprooted the old way of conducting clinical trials. Datacubed’s technology meets today’s clinical research needs by making the entire process easier for patients and materially improving retention through behavioral science to better understand the human condition.”
A Proven Platform Driven by Behavioral Science
Datacubed is led by CEO Kleger and Founder and Chairman of the Board Dr. Paul Glimcher, who also serves as Chief Scientific Officer. Kleger has over 20 years as an operational, commercial, and product executive building and growing both early-stage and established large-scale life sciences technology companies, including DrugDev, IQVIA, IMS Health, and Acurian. Dr. Paul Glimcher has been ranked a top 25 behavioral economist in the world. He is one of the foremost researchers focused on the study of human behavior and decision-making, and is known for his central role in founding and developing the field of neuroeconomics, which takes an interdisciplinary approach to understanding how humans make decisions. Together with their team, Kleger and Dr. Glimcher are focused on reducing the risk that poor data collection or lack of patient adherence to the trial’s protocols prevents or delays a drug coming to market.
“We’re excited to partner with Datacubed and work with its leadership team and employees to be the preeminent provider of patient engagement in the clinical trial market. In the health space, Datacubed is a game-changer and we look forward to helping broaden the platform to other parts of the drug commercialization process,” said Steven Taslitz, Co-founder and Chairman of Sterling Partners. “Broadly improving patient engagement and data collection plays a critical role in accelerating the discovery of new treatments.”
About Datacubed: Datacubed Health (“Datacubed”) is a pioneering technology company making better science and healthier communities a reality. Datacubed applies individualized solutions for the capture of data, including smartphone apps, wearable, in-home, and environmental sensors, for remote engagement with patients and for virtual clinical studies. Focusing on healthcare and life sciences, they offer software and services driven by behavioral science to improve patient retention and compliance, resulting in better data and positive health outcomes. Datacubed believes that the best way to unlock the insights that have eluded scientists is understanding the holistic life of an individual. For more information, please visit https://www.datacubed.com/.
About Sterling Partners: Sterling Partners (“Sterling”) is a diversified investment management platform founded in 1983 and based in Chicago. The firm started with four young entrepreneurs, who went on to build one of Chicago’s most prominent private equity firms. Today, the firm has expanded beyond its strong private equity practice into several other investment strategies. Complementing its institutional fund practice, Sterling invests in a wide variety of companies in various stages of growth - from early stage, high-growth businesses to mature, profitable companies – on a deal-by-deal basis. These investments cross several industries, and the firm makes control, non-control, and preferred equity investments. Sterling adds value to its portfolio companies and the founders with whom it partners with its entrepreneurial roots, deep domain expertise, focus on transformational growth, and access to world-class executive talent. For more information, please visit www.sterlingpartners.com.
Finn Partners for Sterling Partners