Italian startup InSilicoTrials, which creates cloud-based simulations for clinical trials, has raised $3.5 million (€3m) in Series A funding. The round, led by Milan’s United Ventures with support from Rome-based Pi Campus, will help Trieste-headquartered InSilicoTrials scale out its solutions, as the bio-simulation market continues to expand worldwide.
“Unlike the aerospace or automotive sector, healthcare and life sciences have yet to be disrupted by the revolutionary scope of simulation software,” United Ventures managing partner Massimiliano Magrini told TechEU. InSilicoTrials’ computational hubs help companies develop procedures and drugs via a platform of “a constantly growing catalog…with different tools available.”
Researchers estimate the global bio-simulation market will reach a value of over $4.5bn in the coming five years. InSilicoTrials’ model democratizes that market, by allowing small entities the chance to access a pay-per-use system.
“If we want to make medical care really affordable for everyone, if we want to realize the dream of personalized medicine where the doctor, in the hospital, is able to prepare complex surgical operations or print in 3D prostheses that must work perfectly, then it is necessary to look at technologies such as numerical simulation integrated into clinical trials,” said InSilicoTrials CEO and founder Luca Emili.