A Raleigh-based clinical trial tech outfit just brought in a fresh $18 million from its investors – solidifying its choice to continue expanding rather than be acquired.
SignalPath, a startup led by former Duke Clinical Research Institute researchers – has announced the closing of its Series B funding. According to co-founder and CEO Dr. Brad Hirsch, the company hopes to use the new funding to continue expanding its platform.
Though originally founded in downtown Durham, Hirsch says a lack of available parking pushed the company to re-locate its operations into Raleigh. Presently, the company counts about 80 employees, but with new capital in hand, it plans to top 100 by 2020 and continue expanding.
With the new investment, the company reports a total capital raise of about $35 million to date. Its most recent round, according to Hirsch, was financed completely by existing investors.
The round also represents a decision for the company, which Hirsch says fielded different offers from investors and companies but ultimately decided to continue working on its platform.
"We went out into the market and actually talked to a lot of the top venture groups in the country," he says. "Including an acquisition offer from some compelling folks. We decided we absolutely have the right validation in the market, the right idea and path and it makes sense to move forward with our current investors."
He says they are not planning to be acquired in the future, but instead believe there is more opportunity to build out the company.
"Folks have approached in the past and instead of going down that path we have decided to double-down and continue to expand," he says.
The company is centered around a suite of tools for the execution of clinical trials, leaning on a network of leading community and academic health systems and managing their research portfolios.
With new funding, the company is also looking to launch technology-enabled hybrid clinical trials across its existing research footprint.
