Aug 08, 2016
Teckro, a life sciences technology company, has raised $6 million in Series A funding to support further development and expansion of its mobile software platform for clinical trials. The investment was led by San Francisco-based Founders Fund with participation from Enterprise Ireland and private investors. This brings the total amount of funding raised to date to $7.8 million.
Teckro uses information retrieval and machine learning technologies to improve the speed and accuracy of trial conduct. The technology has already been adopted by a number of leading pharmaceutical companies.
CEO Gary Hughes commented: “We set out to make a difference, to make it easier for drug developers, research staff and patients to connect, and to simplify every interaction in the conduct of a clinical trial. The funding will be used to expand our product development team as we continue to digitize clinical research services.”
Hughes added: “Fundamentally, the clinical trial landscape has changed and physicians struggle with the current method of conducting clinical trials. The funding we are announcing today validates our unique approach and the growth potential of the company.”
Teckro was co-founded by Gary Hughes, Jacek Skryzpiec and Nigel Hughes. They were previously co-founders of Firecrest Clinical, which was acquired by ICON Plc in 2011. Teckro is chaired by Peter Gray, former CEO of ICON, who is also Chairman of UDG Healthcare plc and a director of Jazz Pharmaceuticals plc and Aptuit LLC.
Scott Nolan, Partner at Founders Fund, commented: “We’re really impressed by the Teckro team and their vision for clinical research. There’s a clear opportunity in modernizing how clinical trials are run, and Teckro’s mobile-first solution is informed by a first hand understanding of the challenges involved in conducting global clinical trials.”
Founders Fund invests in science and technology companies solving the world’s most difficult problems. The firm and its partners have been early backers of some of the most prominent companies of the past decade, including SpaceX, Palantir, Facebook and Airbnb. Founders Fund pursues a founder-friendly investment strategy that provides maximum support with minimum interference.