Castor Raises $45M in Series B Funding

Castor, a Hoboken, N.J.-based provider of clinical trial software, closed a $45m Series B financing round, bringing the company’s total funding to $65m.

The round was led by Eight Roads Ventures and F-Prime Capital with participation from existing investors Two Sigma Ventures and Inkef Capital.

The company intends to use the funds for product development with a particular focus on scaling direct-to-patient trials globally.

Led by Derk Arts, M.D., CEO & Founder, Castor offers a self-service clinical research platform, which enables every researcher worldwide to design studies and integrate data from any source in real-time. Patients can enroll themselves in trials, consent and share their data online or via a mobile app, allowing the industry to shift to decentralized clinical trials (DCT).

Since 2014, the company has supported over 7,500 studies in more than 90 countries. Over the last 12 months, the company more than doubled in size and it has worked with customers such as the World Health Organization, which used Castor for its Solidarity Trial, and landed contracts with over 20 top-tier digital therapeutics companies and signed its first top 5 pharmaceutical company.