Overwatch Research Secures $3.5M Seed Funding

Overwatch Research Secures $3.5 Million in Seed Funding

Overwatch Research, a developer of workflow solutions for the medical research sector, has announced the completion of a $3.5 million seed funding round on Tuesday. This investment will facilitate the company’s expansion within the United States market.

The funding will also enable broader adoption of Overwatch’s clinical trial management software by laboratories and pharmaceutical companies.

Introducing the Overwatch Software Platform

Overwatch Research’s flagship product, also named Overwatch, is engineered to streamline the complexities of preclinical trials. It manages processes ranging from data acquisition to task oversight.

The software’s user interface shares similarities with common project management tools, such as Trello, but is specifically tailored for the demands of laboratory experimentation.

Centralized Data and Enhanced Visualization

Experimental data is consolidated within a central repository, fostering seamless collaboration. Study data can be visualized in real-time, providing immediate insights.

Lab-specific organizational features, including spreadsheets for tracking animal subject status, are integrated into a unified platform.

Addressing a Personal Challenge

Overwatch was conceived by CEO and co-founder Chris Armstrong as a solution to challenges he faced during his career in prostate cancer drug development.

Armstrong explains to TechCrunch that existing methods were outdated, relying heavily on spreadsheets and email correspondence – practices he believed should have been modernized.

Validating the Need for Innovation

Extensive interviews with over 250 biotechnology and pharmaceutical companies validated Armstrong’s assessment. The identified problem extended beyond his individual experience.

Founded in 2017, Overwatch Research previously secured a pre-seed round to develop its software’s capabilities. This latest funding, spearheaded by Frontline Ventures, brings the company’s total funding to $4.27 million.

Strategic Investors Join the Round

The investment round also attracted participation from SV Angel, Techstart Ventures, and Michael Polansky, CEO of The Parker Group and co-founder of the Parker Institute for Cancer Immunology.

Several investors with experience in data management software and clinical research also contributed to the round.

Industry Experts Back Overwatch

These include Zach Weinberg, co-founder of Flatiron Health (acquired by Roche in 2018), and Robert Fenton, CEO of Qualio, a cloud-based data management system for life sciences.

The company has not publicly disclosed its valuation.

Tackling the Reproducibility Crisis

According to Armstrong, a primary objective of Overwatch is to address the “reproducibility crisis” within clinical research. This refers to the difficulty scientists often encounter when attempting to replicate experimental results.

While most prominently known in the field of psychology, the reproducibility crisis is also a significant concern in preclinical research.

The Cost of Irreproducible Research

A 2015 study estimated that approximately 50% of preclinical research is irreproducible, with estimates ranging from 18% to 89%. This lack of reproducibility results in an estimated $28 billion in wasted research expenditure annually.

Understanding the Root Causes

Numerous theories attempt to explain the reproducibility crisis, ranging from scientific misconduct to flawed study designs, questionable statistical methods, and a lack of data transparency.

The 2015 study identified poor research materials, inadequate study design, and inaccurate data analysis as key contributing factors.

Overwatch’s Approach to Improvement

Armstrong believes that Overwatch can positively impact two of these areas: study design and data analysis. The software aims to minimize biases in study design through a “study creation engine.”

This engine guides scientists through the design process by presenting options and formatting parameters based on the chosen study type.

Streamlining Study Design and Data Formatting

The system suggests appropriate statistical tests and ensures data is collected in a standardized format.

A notable aspect of Overwatch is its user-friendly interface, resembling modern personal computer software rather than traditional laboratory tools.

The company emphasizes user experience as a differentiator from existing research management software, with a one-hour demo and a five-minute onboarding process.

Addressing a Gap in Life Science Software

Armstrong notes that software in the life sciences sector often lags behind other industries in terms of user experience, frequently resembling older systems like Windows XP.

Benchling as a Success Story

The market for user-friendly scientific software has demonstrated potential, as exemplified by Benchling, a platform for experiment tracking and R&D workflow management. Benchling recently raised $350 million and achieved a $4 billion valuation, according to Forbes.

Demonstrating Commercial Viability

The ultimate challenge for Overwatch lies in securing contracts with biotechnology and pharmaceutical companies, who must trust the software with their critical preclinical research processes.

To date, Overwatch has secured 20 deals with biotech companies in the U.S. and 15 in Europe. A five-year license agreement has been signed with a “top-10 pharma” company.

Expanding Partnerships and Presence

The company is currently in discussions with three additional major pharmaceutical companies and has established a partnership with The Institute for Cancer Research, London.

The new funding will be allocated to expanding Overwatch’s client base and building a dedicated sales and marketing team. Currently, most client acquisition occurs through referrals.

Overwatch also plans to relocate to Boston, Massachusetts, to strengthen its U.S. presence.

“The focus of the business is now shifting towards sales and marketing efforts,” Armstrong concludes.