Antidote raises USD23m to scale digital patient engagement services
Antidote Technologies Limited (Antidote) has closed USD23.2 million in funding to expand its digital patient engagement programs and clinical trial recruitment services.
The funding round was led by LBO France, a private equity firm committed to supporting the growth of digital health, both in transforming health systems and accelerating medical R&D. Through its Digital Health 2 fund, LBO France is investing USD10 million, joining existing major investors Merck Global Health Innovation Fund, Smedvig Capital, and Octopus Ventures, who between them are investing USD13.2 million.
Sebastien Woynar and Franck Noiret of LBO France will join the Antidote Board as a director and an observer, respectively. “The importance of clinical research has never been more clear than in the past year, as the industry stepped up to develop treatments and vaccines faster than could ever have been imagined,” says Laurent Schockmel, CEO of Antidote. “But despite the speed of response to Covid-19, some 80 per cent of clinical trials are still delayed or closed due to a lack of participants. We welcome LBO France as a partner to help us achieve our mission of transforming the way that researchers and patients connect in an effort to accelerate medical research.”
This new round of funding will allow the company to build on recent commercial success and accelerate growth. In 2020, Antidote increased its annual revenue by 66 per cent and the number of projects handled by 158 per cent over the previous year. In the first quarter of 2021 alone, the company surpassed its entire 2020 revenue. In concert with its extensive partner network of patient advocacy groups, Antidote operates with a truly patient-centric approach, balancing technology with a human touch. The funding will be used to enhance its clinical trial search engine, launch new products and services (including data insights), and expand its footprint internationally.
“Antidote is a company in high-growth mode aiming to solve one of the most difficult problems of clinical research — connecting patients to trials,” says Woynar. “We’re excited to invest in an impressive team and a business that aligns so well with our investment objectives, to support their important mission.”
Franck Noiret, Managing Director at LBO France, adds: “We believe that Antidote, as the fifth investment of our Digital Health 2 fund, will greatly benefit from our sectoral expertise and significant experience in the field of clinical trials.”