VitalTrax Scores First Cut of $6 Million Philly Digital Health Fund
Clinical trial software platform VitalTrax just became the first startup to dip into the $6 million digital health funding initiative launched by Safeguard Scientifics, Ben Franklin Technology Partners, and Independence Blue Cross last December.
VitalTrax, a member of the University Science Center’s ic@3401 community, received $150,000 in seed funding from the new digital health initiative. The company’s cloud-based platform allows clinical trial teams to better recruit patients and communicate with them throughout the course of a trial. With the company’s mobile app, Wing, patients can search and apply for trials and directly input data into the app for the trials they participate in. And because many patients still face big hurdles to participation in clinical trials, these developments might play a big role in revolutionizing the space.
The combination of VitalTrax’s high-quality business model, innovative technology, and a strong vision from its management team warranted the investment. “This is the first of many exciting deals to come through our funding initiative with Safeguard and IHG,” said Ben Franklin Tech Partners president and CEO, RoseAnn B. Rosenthal. “With its strong leadership and dedication to consumerizing the healthcare industry, VitalTrax is poised to be a major player in the region’s digital health space and beyond.”
VitalTrax’s founder and CEO Zikria Syed has been making an impact in the life sciences industry for some time. In 2006, the serial entrepreneur founded NextDocs, a company that helps medical professionals and researchers circumvent the wonky regulatory process for accessing important data, with the goal of helping them bring innovations to market quicker and more safely. NextDocs was acquired in 2015, after Syed raised more than $25 million for the startup.
“We are thrilled to receive this investment from premier investment and healthcare organizations such as Ben Franklin, Independence Health Group and Safeguard,” Syed said in a statement. “With this investment, we are not only gaining their financial support but also access to their expertise in building and growing technology companies and their vast network of relationships in the healthcare industry.” VitalTrax will use the funds to support the development of the Wing mobile app, its chief product. Ben Franklin will manage the due diligence process.
The funding initiative supports local, early-stage health IT startups. Companies that are selected can receive anywhere from $50,000 to $1 million in seed funding from the initiative in the next four years.
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