Reify Health, a cloud-based clinical trial software company, raised $220 million in Series D funding.
The funding doubles the company’s valuation, putting it at $4.8 billion. The round was co-led by Altimeter Capital and Coatue, with participation from Dragoneer Investment Group, ICONIQ Growth, Adams Street and Battery Ventures.
It is the second major funding round for the Boston-based Reify in less than a year. In August, the company received another $220 million in a Series C round.
Reify said it will use the funding to improve diversity in clinical trial participation. A recent study in The Lancet on U.S. clinical trial participation over a 20-year period found that minorities are underrepresented, and only modest improvements has occurred during that time.
As part of its effort, Reify is launching an initiative called Bringing Representation, Inclusion, and Diversity to Global Enrollment. Through this initiative, it will partner with health systems and community health organizations to create solutions that increase the number of underrepresented minorities participating in clinical trials. In November, the company added diversity reporting capabilities to its decentralized clinical trial infrastructure platform.
It’s been an active period of investment for companies in the clinical trial technology space. According to Digital Health’s M&A and funding data, clinical trial technology companies Topography Health, Clinical Research IO, Climedo, YPrime and Medable all received funding in Q1 2022. Moreover, M&B Sciences, a clinical research organization acquired Clara Health, a clinical trial matching platform developer. This week, THREAD, a tech company that enables clinical outcome assessments and decentralized clinical trials, acquired CureClick, a crowdsourcing platform designed exclusively to accelerate awareness and participation in clinical research.