Datacubed raises additional capital and will expand talent
Datacubed Health (“Datacubed”), a digital health technology company that supports hybrid and decentralized clinical trials, and Sterling Partners (“Sterling”), a prominent investment management firm, announced December 20, 2022, substantial year-over-year growth.
Following its initial investment in 2020, Sterling has continued to support Datacubed. Since its inception in 2016, Datacubed has received an aggregate of $45 million in investment funding and has grown revenue by 150% year-over-year since 2018.
At its founding, Datacubed was rooted in behavioral science and offered a gamified ePRO solution designed to boost patient engagement. Since then, the company has evolved into a mature eClinical platform offering highly sophisticated ePRO/eCOA solutions, Patient Engagement, eConsent, Geofencing, Medication Adherence, and TeleVisits, all of which have been shown to improve outcomes for sponsors and CROs. Additionally, their proprietary technology has been found to deliver 90% compliance and 85% retention rates for customers of all sizes and phases of the clinical pipeline.
Brett Kleger, Datacubed CEO, said, “Thanks to our committed investors, we have been able to bring in highly experienced and coveted talent in key business areas, including solution design, translations, compliance, and operations. Our explosive growth has expanded our client base greatly and spans from the top 5 pharma and CROs to small biotech companies. Each looked to Datacubed Health for fast, flexible, accurate eClinical technology to support their studies and guidance from experts who have done this many times before, and we’ve delivered.”
Institutional capital has allowed Datacubed to continue to enhance one of the most patient-centric platforms for clinical trials while adding industry-leading eCOA experts to the team. This unique combination of innovation and experience allows Datacubed to deliver key improvements in the delivery of clinical trials in a compliant and reliable manner. Sterling’s additional investments will allow the company to continue to focus on innovation with a safe pair of hands.
Datacubed increased staff by over 60% between 2021 and 2022 and is expected to increase headcount by an aggregate of 75% by 2023. The executive team plans to continue to invest in and enhance its technology and expertise in clinical trials and behavioral science globally.
We believe the industry is at an inflection point. Older technologies are becoming outdated, and their rigitity is creating massive tiemline delays. Newer technologies were built quickly as a reation to COVID-19. We’ve seen [Datacubed Health] fill the gap between these two categories.Steven Taslitz, Co-Founder and Chairman of Sterling Partners
Steven Taslitz, Co-Founder and Chairman of Sterling Partners, said, “We believe the industry is at an inflection point. Older technologies are becoming outdated, and their rigidity is creating massive timeline delays. Newer technologies were built quickly as a reaction to COVID-19 and are now working backward to meet industry needs and standards. As an early investor in Datacubed Health, we’ve seen their platform fill the gap between these two categories. They are an established company offering flexible and innovative technology, supported by a team of experts with decades of clinical trial experience to ensure the success of each study. We’re excited for this next phase of growth of the business.”
About Datacubed Health
Datacubed Health is a pioneering patient engagement and data collection company dedicated to advancing access to healthcare for everyone, everywhere. Datacubed applies individualized smartphone solutions to capture ePRO and eCOA data, passive data collection, instrument delivery, wearables, and environmental sensors. Focusing on life sciences, Datacubed Health offers software and services based on behavioral science to improve patient retention and compliance, resulting in better patient outcomes and more rewarding clinical experiences. Visit datacubed.com.
About Sterling Partners
Sterling Partners (“Sterling”) is an investment management platform founded in 1983 and based in Chicago. The firm started with four young entrepreneurs who went on to build one of Chicago’s most prominent private equity firms. Today, the firm has expanded beyond its strong private equity practice into several other investment strategies. Complementing its institutional fund practice, Sterling invests in a wide variety of companies in various stages of growth – from early-stage, high-growth businesses to mature, profitable companies – on a deal-by-deal basis. These investments cross several industries, and the firm makes control, non-control, and preferred equity investments. Sterling adds value to its portfolio companies and the founders with whom it partners with its entrepreneurial roots, deep domain expertise, focus on transformational growth, and access to world-class executive talent. For more information, please visit www.sterlingpartners.com.