CluePoints secures funding from Summit Partners
CluePoints provides risk-based study execution (RBx) and data quality oversight software for clinical trial professionals. The funding from global growth equity investor Summit Partners reportedly will help CluePoints continue its growth and global expansion.
CluePoints specializes in risk-based quality management (RBQM) solutions, designed to enable pharma firms and their contract research organization (CRO) partners pinpoint, visualize, document and manage risks during clinical research. The technology uses statistical models to determine the quality, accuracy and integrity of clinical trial data, reportedly enabling sponsors to remotely monitor clinical and operational data in real time to increase efficiency, improve patient safety and reduce costs.
Patrick Hughes, CluePoints co-founder and chief commercial officer, told Outsourcing-Pharma that the Summit Partners investment will enable the company to accelerate plans that already had been in motion.
“CluePoints already had an extensive future product roadmap detailed for the next couple of years and this transaction will allow the business to accelerate its plans significantly in responding to sponsor, CRO and regulatory requirements of RBQM,” Hughes said. “The industry momentum is huge in this area and CluePoints is best placed to serve the needs of all stakeholders; this partnership with Summit gives us the platform to enable change more quickly and efficiently than we could have imagined.”
Hughes added that CluePoints has pioneered the area of RBQM, using a “statistically driven” approach to ensure independent, objective analysis of clinical and operational data.
“Coupled with the thought leadership and subject matter expertise, CluePoints has the blend of people, process and technology to drive lasting change for sponsors and CROs who strive to be more efficient and deliver tangible ROI,” he said.
CluePoints co-founder and CEO François Torche said sponsors and CEOs have been embracing RBQM as a way to enable safer, more efficient and more reliable clinical risk monitoring, and that interest has accelerated in the face of the pandemic.
“Summit has an impressive history of partnering with founders of growth companies and has helped scale many global healthcare, life sciences and software businesses,” Torche said. “We believe this experience, in combination with Summit’s deep operational resources, will help CluePoints build on our significant momentum as we continue to expand our international presence and drive product innovation to improve the clinical trial process worldwide.”
Thomas Tarnowski, a managing director with Summit Partners, also has joined the CluePoints board of directors.
“We believe CluePoints offers one of the most intuitive, scalable and statistically powerful RBQM solutions available globally to sponsors and CROs,” Tarnowski said. “CluePoints’ software seeks to address what we see as a critical need for risk-reduction, improved patient safety and quality oversight solutions across the pharmaceutical industry.”
