Sanofi Genzyme BioVentures (SGBV), the strategic investment arm of life sciences company Sanofi, took part in a $31m series B round for US-based clinical research provider Science 37 that closed on Tuesday.
Hedge fund Redmile Group led the round, which included venture capital firm Lux Capital and DRx Capital, the joint investment venture formed by pharmaceutical firm Novartis and wireless technology provider Qualcomm.
Science 37 has developed a mobile research platform that improves the speed and efficiency of clinical research by facilitating their execution at patients’ homes. Sanofi will offer technical and strategic guidance to the company through its international development teams
Bernard Davitian, SGBV’s managing director, said: “We are excited to expand our investment mandate in the digital health space and to start this new initiative with Science 37, a leading company applying transformative digital techniques to clinical trial design and enrolment.
“This investment is fully aligned with Sanofi’s digital strategy and provides an opportunity for us to play an active role in this area of the digital revolution.”
DRx Capital and Lux Capital co-led Science 37’s $6.5m series A round, closed in October 2015 at a reported $19m valuation.