Ben Franklin Technology Partners of Southeastern Pennsylvania ("Ben Franklin"); Independence Health Group ("IHG"), the parent company of Independence Blue Cross; and Safeguard Scientifics, Inc. ("Safeguard") (SFE) today announced that VitalTrax received $150,000 in seed financing – the first company to receive funds from the group's $6 million digital health funding initiative, which was announced in December 2016.
Founded in 2016 by serial entrepreneur, Zikria Syed, VitalTrax delivers a complete clinical trial data collection and patient engagement solution built on a cloud-based enterprise platform and a mobile application for patients. Its electronic clinical outcome assessment tool, which is used to collect data directly from patients, more closely resembles social media than traditional clinical research documents, while still conforming to regulatory requirements. Capital allocation will support the continued development of the company's chief product.
"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," said Ben Franklin President and CEO, RoseAnn B. Rosenthal. "This is the first of many exciting deals to come through our funding initiative with Safeguard and IHG." Ben Franklin will lead the due diligence process and day-to-day fund management for VitalTrax.
"We are thrilled to receive this financing from premier financial sponsors and healthcare organizations such as Ben Franklin, Independence Health Group and Safeguard. With this financing, 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." said Zikria Syed, Founder and CEO of VitalTrax.
VitalTrax is headquartered at the Innovation Center at 3401 Market Street (ic@3401), a University City Science Center-run co-working space on Drexel University's campus, for which Safeguard and Ben Franklin are sponsors.
VitalTrax delivers a complete patient engagement solution for today's clinical trials comprising of a cloud based enterprise platform and a mobile application for patients. For clinical study teams, VitalTrax creates an enterprise platform to run trials efficiently. For site teams, VitalTrax makes it easier to recruit and communicate with patients during the trial. VitalTrax's mobile app solution, Wing, is a world-class patient engagement tool that provides a way for patients to search for trials, apply to become a volunteer and stay involved during the trial. For more information, please visit vitaltrax.net.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin is the most active early stage capital provider for the region's technology sectors. Ben Franklin combines best practices of venture capital with a public-spirited purpose: leading the region's technology community to new heights, creating jobs and changing lives for the better. Ben Franklin is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority. www.sep.benfranklin.org