Sydney, Australia-based healthtech startup HealthMatch has raised US$ 13.4M in a funding round held in December 2020, led by venture capital fund Square Peg. Other participants in the round include Sydney-based VC Tempus Partners, the family office of former Australia Prime Minister Malcolm Turnbull, and his wife Lucy Turnbull who was previously chair of Australian biotechnology company Immutep.
Capital raised will be used by the startup to expand across Asia and invest in its solution. It plans on expanding into the Singapore market and will hire 60 new employees in the next 1 year, with a focus on medical and engineering talent.
The latest round brings the startup’s total funding to US$ 18.6M which it has secured from investors such as Square Peg Capital, Tempus Partners, Anton Borzov and Catherine Lacavera.
Founded in 2017 by Manuri Gunawardena, HealthMatch provides a platform that enables patients to find clinical trials quickly and in the simplest way possible. Patients are matched in real-time to clinical trials tailored to their medical profile. It uses artificial intelligence and machine learning to fast-track the patient curing process.
HealthMatch translates eligible questions relating to each patient’s condition. Its platform then matches the responses to its experimental dataset and approves only the correct-match trials for that patient, thereby simplifying the identification of appropriate trials and enabling a patient’s application to those trials. The startup delivers a fundamentally simple product to match patients with drug trials, supported by an execution approach to data that is complex to attain and repeat. By doing so, HealthMatch is aiming to transform an industry that has still not moved beyond telephones and excel spreadsheets. HealthMatch reports that its user base grew from 8,000 in June 2020 to 80,000 at the start of December 2020. The startup also places over 2,000 patients every month on clinical trials for conditions ranging from cancer to eczema.
CEO Manuri Gunawardena said she feels delighted that thousands of patients signed up and accessed clinical trials through HealthMatch’s platform and that this translates to quicker recruitment outcomes for medical research.
Previously, the startup obtained US$ 4.5M to increase the number of drug trials on its platform, and secure more patients across the Asia Pacific and the US (source: Monk’s Hill Ventures).
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