Paradigm raises $203m to make clinical trials ‘open to all patients’

• Arch Venture Partners and General Catalyst co-led the round.
• Other backers include F-Prime Capital, GV, LUX Capital, Mubadala Capital and Magnetic Ventures
• Paradigm will use the proceeds of this financing to expand its platform and scale its partnerships with healthcare systems and life sciences companies

New York-based Paradigm, a newly launched healthcare technology company, has raised $203 million in Series A funding.

Arch Venture Partners and General Catalyst co-led the round. Other backers include F-Prime Capital, GV, LUX Capital, Mubadala Capital and Magnetic Ventures.

“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 trials,” the company said in a statement.

“By rethinking how clinical trials are conducted and reducing the burden on health systems for participation, they’re democratizing access to clinical trials,” General Catalyst CEO and Paradigm board co-chair Hemant Taneja said in the statement.

Arch managing director and Paradigm board co-chair Robert Nelson added, “Clinical research is ready for a reboot. Today the system is broken in almost every respect — patient access is too narrow, incentives are misaligned, and poor trial design slows development. We saw an opportunity to fundamentally rebuild the system and fix the business model.”

Paradigm will use the proceeds of the new financing to expand its platform and scale its partnerships with healthcare systems and life sciences companies.

Also, Paradigm has acquired Columbus, Ohio-based Deep Lens, a clinical trial patient recruitment company.