Conceived by ARCH Venture Partners and co-incubated with General Catalyst, Paradigm is creating a platform to make clinical trials a care option for all patients, while bringing healthcare providers and biopharmaceutical sponsors together to transform clinical trialsParadigm’s mission to build a more equitable clinical research ecosystem is supported with a Series A financing co-led by ARCH Venture Partners and General Catalyst
New York, NY (January 27, 2023) – Paradigm, a healthcare technology company focused on improving access to clinical research for patients, launched today with $203 million in Series A funding. Conceived by ARCH Venture Partners, and co-incubated by ARCH and General Catalyst, Paradigm is rebuilding the clinical research ecosystem by creating a technology-forward clinical trial platform that enables equitable access for all patients by enhancing trial efficiency and reducing the barriers to participation for healthcare providers. Paradigm’s financing was co-led by ARCH Venture Partners and General Catalyst, and joined by funds including F-Prime Capital, GV, LUX Capital, Mubadala Capital, and Magnetic Ventures, and strategic investors including the American Cancer Society’s BrightEdge.
“The clinical research and drug development process is failing the very people it’s meant to serve,” said CEO Kent Thoelke. “Patients who might be best served with participation in a clinical trial often can’t get access or aren’t offered access to trials, research departments are chronically overburdened with significant barriers to entry created by trial complexity, and as a result sponsors’ study timelines continue to lengthen at higher cost. The system is broken, and the human cost of inaction is unacceptable. Paradigm is reimagining the entire drug development paradigm by upending the status quo and focusing on equitable access to clinical research at scale from the start.”There are significant barriers to patient participation in clinical trials, including lack of access to trials in community settings, restrictive eligibility criteria, burdensome trial protocols, and lack of financial support. Healthcare providers, particularly community clinics, are under-resourced to support clinical research at scale and lack an adequate portfolio of therapeutic trials to serve their populations, which exacerbates enrollment disparities. These access disparities result in trial participants who may not necessarily be representative of the broader patient population the therapy is intended to serve.
"Clinical research is ready for a reboot," said Robert Nelson, Paradigm Board Co-chair and Co-founder and Managing Director of ARCH Venture Partners. "Today the system is broken in almost every respect - patient access is too narrow, incentives are mis-aligned, and poor trial design slows development. We saw an opportunity to fundamentally rebuild the system and fix the business model. The Paradigm team has the right experience to overhaul clinical research, and we're committed to supporting their execution of our shared vision.”Paradigm is building a technology-enabled, scaled clinical research ecosystem to make clinical trials a care option for all patients. The Paradigm platform aims to reduce the operational burden on physicians and healthcare provider organizations and improve access for patients. In the process Paradigm will accelerate trials for sponsors and reduce drug development costs. By breaking down barriers across the trial ecosystem through one seamless infrastructure implemented at community healthcare provider organizations, Paradigm can give healthcare providers and trial sponsors an unprecedented opportunity to work together to conduct trials more effectively and bring potentially life-saving therapies to patients faster. Paradigm will use the proceeds of this financing to expand its existing platform and scale its partnerships with healthcare systems and life sciences companies.
“We're excited about Paradigm's potential to link healthcare and drug development in a way that we believe hasn't been done at scale," says Hemant Taneja, Paradigm Board Co-chair and CEO and Managing Director of General Catalyst. "By rethinking how clinical trials are conducted and reducing the burden on health systems for participation, they're democratizing access to clinical trials. Paradigm's mission is fundamentally aligned with Health Assurance’s basic principles by making the best care possible available to any patient anywhere."In addition to a substantial investment in building its core technology platform for healthcare providers and biopharmaceutical companies, Paradigm has acquired Deep Lens, a leader in technology-enabled clinical trial patient recruitment in oncology leveraging electronic medical records and genomics data.Paradigm has assembled a world-class leadership team and Board of Directors with deep experience in clinical trial operations and drug development, and a demonstrated commitment to changing the status quo in clinical research.
● Kent Thoelke, Chief Executive Officer, was the Chief Innovation Officer at ICON and the Chief Scientific Officer at PRA Health Sciences● Jonathan Hirsch, MSci, Chief Strategy and Growth Officer, is the former Founder and President of Syapse● Elijah Meerson, Chief Technology Officer, is the former CTO at Orchard and VP of Engineering at Flatiron Health● Jay Trepanier, CPA, MBA, Chief Financial Officer, was the Senior Vice President of FP&A at PRA Health Sciences and the Chief Operating Officer of Science 37
● Robert Nelson, Co-founder and Managing Director, ARCH Venture Partners (co-chair)● Hemant Taneja, CEO and Managing Director, General Catalyst (co-chair)● Stephen Knight, MD, President and Managing Partner, F-Prime Capital● Kenneth C. Frazier, Former Executive Chairman & CEO, Merck● General (Ret) Gustave F. Perna, Former COO, Operation Warp Speed ● Stephen Klasko, MD, MBA, Former CEO, Jefferson Health● Jay Markowitz, MD, Former SVP R&D, Regeneron● Luciana Borio, MD, Former Chief Scientist, U.S. Food & Drug Administration● Elena Viboch, Partner, General Catalyst● Brett Cook, Partner, F-Prime Capital (observer)● Bilal Zuberi, General Partner, Lux Capital (observer)● Alaa Halawa, Head of Healthcare Investing, Mubadala Capital (observer)● Kent Thoelke, Chief Executive Officer, Paradigm
Paradigm is rebuilding the clinical research ecosystem by creating a platform that enables equitable access to trials for all patients, while enhancing trial efficiency and reducing the barriers to participation for healthcare providers. Incubated by ARCH Venture Partners and backed by leading healthcare and life sciences investors, Paradigm aims to break down barriers across the trial ecosystem through one seamless infrastructure implemented at healthcare provider organizations, bringing potentially life-saving therapies to patients faster. Paradigm is headquartered in New York, with operations across the United States.