Clinical trial data analysis company TriNetX has raised $40 million in a Series D funding round led by Merck Global Health Innovation Fund. Also participating in the round were new investors Mitsui & Co. and Itochu Technology Ventures, and returning backers MPM Capital, F2 Ventures and Deerfield Management.

Announced yesterday, the new investments bring TriNetX’s total funding to $102 million.

What they do

TriNetX has built a data platform containing clinical and claims information generated from more than 300 million global patients. The company provides these real-world data to clinical researchers on demand alongside supporting analytics tools.

"We've created the only real-world evidence ecosystem that brings data, analytics and a researcher community together, to aid in the design of randomized or pragmatic clinical trials and support of observational studies, whether retro- or prospective, controlled or longitudinal,” TriNetX CEO Gadi Lachman said in a statement.

What it’s for

According to the announcement, the $40 million will support the TriNetX’s expansion in Europe, Asia and South America. Additionally, the company is looking to continue developing the AI, machine learning and digital clinical trial components of its analytics platform.

Market snapshot

Recent years have seen the demand for real-world evidence grow among a number of clinical research groups and regulatory bodies. Answering this call alongside TriNetX is New York City-based Aetion, which last month raised $27 million for its own real-world evidence analytics platform. Also in the running is Evidation Health, which raised $30 million last summer for its smartphone, sensor and medical data-driven offering.

On the record

"Real-world data is important when conducting clinical trials, drug research and discovery today," Joe Volpe, VP and managing director of Merck GHIF, said in a statement. "TriNetX enables a global industry exchange and liberates data with the potential to rapidly provide answers to hard questions. With TriNetX, what previously took days or weeks to determine may often be done in minutes — that’s why we're excited to participate in this financing round to grow and expand TriNetX's offerings."