Minnetonka, Minnesota-based MedNet Solutions, which makes a software platform that allows non-technical researchers to set up, deploy and manage clinical studies, has raised $16.5 million in funding in a round led by Arrowroot Capital. Existing as well as new investors also contributed, including Cohesive Capital Partners. This brings the company’s total funding to at least $20 million.
The funding will be used to grow MedNet’s eClnical technology platform called iMedNet, a cloud-based Saas offering. Researchers can use the platform to quickly set up a trial – from preclinical to postmarket – that is configurable to their specific requirements without the need for custom programming.
As researchers are building a study, they can use iMedNet to create a template, automate certain workflows and ensure security. The software also supports regulatory processes and data collection, and guides researchers through setting up the tools they need to drive patient engagement and compliance during the course of a trial.
The company, which was founded in 2001, works with pharmaceutical, medical device and biotechnology companies around the world. MedNet CEO and President John M. Robertson said the company has continued to enhance the product over the year and has seen new corporate growth and installations of their software.
“This is an incredibly exciting time for MedNet,” Robertson said in a statement. “This new funding from our valued investment partners comes at an ideal time – allowing us to capitalize on our momentum, accelerate our product development efforts, and expand our world-wide sales and marketing initiatives.”