Virtual CRO Curavit raises $5m to grow digital therapeutics clinical trial business
Since launching late in 2019, shortly before COVID-19 turbocharged interest in decentralized trials, Curavit has begun to carve out a niche serving developers of digital therapeutics. The treatment modality, which is often delivered via mobile apps, is well suited to decentralized trials because it frees study teams from the logistical challenges of physically sending investigational products to participants.
Investors have recognized the opportunity. Early-stage technology investor Osage Venture Partners led Curavit’s series A round with the support of Royal Street Ventures and Narrow Gauge Ventures. The cash adds to money provided by Curavit’s founders and individual investors, including former executives from Merck & Co and Veeva Systems, to bring the total haul to date up to $8m.
Joel Morse, co-founder and CEO of Curavit, explained the significance of the financing for the company.
“This is an important milestone for Curavit and the industry's continued momentum in digital therapeutics and decentralized approaches to clinical research. Traditional trial processes and timelines are insufficient – and they limit patient participation. New digital therapeutics are ideally suited for a DCT approach and will help improve access and drive new unique therapies to patients faster,” said the CEO.
Curavit has already signed up digital therapeutics customers including Swing Therapeutics, Lark Health, Curio, and Sana while working to expand its capabilities through partnerships with organizations such as Ripple Science, ixlayer and 1nHealth. More than half of Curavit’s customer base are emerging digital therapeutics companies and success in the space helped the company double its revenue in 2020, 2021 and maintain the pace in 2022.
The startup has also joined the Digital Therapeutics Alliance, a non-profit trade association. The trade group represents companies involved in the evidence-driven advancement of digital therapeutics with a view to broadening understanding, adoption, and integration of the treatments.