Castor aims for faster and patient-friendly clinical trials raising $45M in series B. Decentralized trials take up time, and faraway research facilities result in inconvenience and 40% terminated trials. The company has raised $65M till date. Castor based in New York and Amsterdam is introducing technology to a process still done manually. Its software provides self-service to researchers and also patients interested in joining trials can also use the app.
Covid 19 research has been made free on its software. Castor saw an inflow of novel customers like the World Health Organization which used Castor for its ‘Solidarity Trial’. According to Michael Treskow partner at Eight Row ventures, Castor is mission-driven and is using technology to make an impact to modernize and improve clinical trials. The clinical market is estimated at $16 billion and thus many new companies want to bring innovation to it, according to Arts. Science 37 and Medable recently pulled $78M.
Arts states that the new funding will enable product development and growth. Castor focuses on the U.S. and Asia. Tripling its revenue in 2021, Castor believes that patients are entitled to better service and it is up to them to deliver it.