Datatrak receives $8m from TabaFund to advance eClinical solutions
Datatrak International is a software-as-a-Service (SaaS) provider of cloud-based technology used by clinical research companies. Its Enterprise Cloud has been deployed across 83 countries and more than 63,000 users. The eClinical platform is a single login, multi-tenant, and multi-lingual SaaS offering designed to execute and manage clinical trials that receive data from devices, patients, sites, and labs.
“TabaFund had a choice of investing its money into any of the eClinical companies, and the decision to invest our money into Datatrak is obvious when you review the competitive landscape and their respective technology,” said Alex Tabatabai, chief investment officer of TabaFund in a press release.
According to Datatrak, the global industry for eClinical companies had seen 10% annual growth over 15 years, with future expected growth. This growth has created an opportunity for additional investments to expand sales and fund product development and marketing.
The company plans to continue expanding its Cloud Enterprise platform into business analysis and predictive analytics (BI) across laboratory images, ECGs and patient direct assessments and diaries (ePRO), wearable devices (eCOA), and through informed consent (eConsent).
Expected delivery of “patient direct solutions” is slated for this year with further additions in 2019, according to Datatrak.
“As we look across the mobile health landscape and talk with our customers, we are gaining intelligence to better understand customer pain-points and deficits of other systems while keying in on areas where we can address those frustrations,” said Tim Lyons, vice president of product development and operations at Datatrak.
The private investment fund TabaFund previously invested in Datatrak, leading the proxy campaign to change the previous management in 2015 and invested $1.5m the following year.
“Now, TabaFund is doubling down to fuel our growth and platform expansion plans,” said Datatrak CEO Jim Bob Ward.
Neither Datatrak nor TabaFund were available for comment
