EQT invests in CluePoints to boost AI-driven clinical trial data quality and compliance
CluePoints is a cloud-based software platform specializing in Risk-Based Quality Management (RBQM) and data quality oversight in clinical trials. The platform is designed to streamline processes, improve data integrity, and ensure risk compliance, making clinical trials safer and more efficient.
The investment by EQT, a firm with a strong track record in healthcare and technology, aims to help the company solidify its global leadership position. EQT plans to leverage its expertise in healthcare investments and the tech value chain to support CluePoints' growth. This partnership is particularly timely as the RBQM and data analytics markets are poised for significant growth, driven by advancements in science, technology, and data.
Summit Partners, an investor in CluePoints since 2020, and Clinimetrics SA, a co-founder of CluePoints, will retain minority stakes and participate in this funding round. EQT’s acquisition includes meaningful reinvestment from CluePoints' management team and existing shareholders.
AI-driven software
Andy Cooper, CEO of CluePoints, is enthusiastic about the partnership, he said: “We are delighted that EQT has chosen to partner with CluePoints. EQT is a market-leading investor in both SaaS (Software as a Service) and medical research industries. This combination makes EQT an ideal partner for CluePoints which is a market leader for SaaS-based clinical data analytics.
“We are grateful for Summit’s active support over the last four years. Their depth of industry knowledge and operational resources have been instrumental in our growth trajectory. Both EQT and Summit share our passion for and commitment to leveraging innovative advanced statistics and machine learning solutions to eliminate manual, error-prone activities in the clinical trial process.”
Founded in 2012 and headquartered in Belgium, CluePoints uses advanced statistics and machine learning to enhance the drug development process for pharmaceutical and biotech companies, as well as contract research organizations. The company’s proprietary algorithms, based on over a decade of clinical trials experience, identify and monitor risks and discrepancies throughout clinical trials. With more than 9,500 platform users, CluePoints has helped mitigate risks in over 1,600 studies, detecting more than 142,000 issues for its customers, which include many of the world’s largest pharmaceutical companies.
Clinical data review
Since receiving growth investment from Summit Partners in 2020, CluePoints has experienced significant expansion, building a robust go-to-market function, launching new products, and diversifying into new markets.
Mark Braganza, partner in the EQT healthcare growth advisory team, said: “We are excited to be partnering with CluePoints and its dynamic leadership team to help it scale and reach its full potential. The Company’s ambition is a perfect match with ours to help enable the development of medical research to deliver more effective, efficient, and accessible healthcare.”
The new investment from EQT comes at a time of accelerating growth for CluePoints, driven by the increasing adoption of RBQM software across all phases of clinical trials. The industry is benefiting from rising research and development spending, growing data complexity in clinical trials, and a heightened focus on patient safety and data quality due to regulatory scrutiny.
Risk-Based Quality Management (RBQM)
EQT's investment aligns with its objectives to support companies that deliver positive healthcare outcomes and to invest in the next generation of technology leaders. With its extensive experience in healthcare, software, and AI, EQT will utilize its in-house digital team and global network of Industrial Advisors to help CluePoints reinforce its leadership in RBQM and data analytics for clinical trials.
Kirk Lepke, partner in the EQT growth advisory team, added: “CluePoints is a prime example of how data, machine-learning, and AI can be leveraged to improve real-world outcomes – in this case, pharmaceutical drug development. The entire EQT platform is behind this investment and ready to support the Company with its continued expansion in RBQM and into growing, adjacent markets.”
The transaction is subject to customary conditions and approvals and is expected to close in Q3 2024.
