Real estate developer JF Shea has exited US-based telemedicine tool developer SnapMD through an acquisition of undisclosed size by telemedicine services provider VirTrial.
SnapMD has built a cloud software platform that enables healthcare providers to communicate with and treat patients remotely. VirTrial plans to add elements of the company’s offering to its own Virtual Care Management (VCM) platform.
VirTrial chief executive Mark Hanley said: “Our acquisition of SnapMD enables us to better implement our vision of making clinical trials easier for everyone involved from sponsors to sites and patients.
“By offering a simplified, straight-forward user experience and the ability for sponsors to include multiple countries with extensive features, VirTrial continues to set the bar in decentralised clinical trial platforms.”
The company had received approximately $16m in equity financing since being founded in 2013, according to press reports and regulatory filings.
JF Shea’s corporate venturing arm, Shea Ventures, led a $600,000 seed round for SnapMD in 2013 that included Whittier Ventures. They were joined by Tylt Labs for a $5.3m round in 2016, before the company secured $3.25m in series A funding in early 2017.
