Life sciences companies spend an estimated $300 billion a year on research and development, and much of that spending still gets tracked in spreadsheets passed between disconnected accounting, clinical and vendor systems. Condor Software is betting it can replace that patchwork, and investors just backed the idea with $24 million.
Many promising trials get paused or canceled for reasons that have nothing to do with the science, according to the company. Accounting, financial planning and clinical operations teams often lack real-time visibility into trial spend, budget performance and asset value, so decisions about whether a program deserves more investment get made on data that is already out of date.
The Series A round was led by Insight Partners, with Felicis, 645 Ventures, Pamir Ventures, SNR Ventures, Prebys Ventures and Bramalea Partners also participating. It brings Condor's total funding to $36 million. The platform pulls clinical, operational and financial data into one system, replacing the manual reconciliation that many biopharma finance teams do by hand across separate CRO, ERP and accounting tools.
Three modules make up the product. Connect merges data from across a company's systems into a single source of truth. Compass forecasts trial costs, models different spending scenarios and flags risk as a program develops. Copilot automates the accrual and reconciliation work involved in closing the books each month. Condor built the underlying data model, which maps trial protocols, site activity, vendor contracts and accounting rules to each other, in partnership with Big Four accounting firms.
The company says it now manages more than $19 billion in research and development spending for customers that include Acadia Pharmaceuticals, Alumis Therapeutics, BridgeBio Pharma and Madrigal Pharmaceuticals. Those customers report forecast accuracy above 90 percent, a 70 percent faster month-end close and average budget savings of 30 percent, according to the company.
Founder and chief executive Jennifer Kyle, who built accounting workflows used across the pharmaceutical industry before starting Condor, said: "Too often though, promising therapies are killed in budget meetings by data that's months out of date. This isn't a science problem; it's a financial visibility problem."
Alexander Leibowitz, vice president at Insight Partners, said "Condor has built the financial intelligence layer underneath clinical trial management, which is where some of the most consequential decisions in drug development are made."
Richard Matus, a principal at Insight Partners, framed the opportunity in similar terms. He said "Clinical trial finance is one of the last major workflows in drug development that still runs on spreadsheets. In an industry that spends more on R&D than almost any other, the financial stakes are enormous."
Condor plans to put the new capital toward its engineering, product, design, sales and customer success teams. Its existing staff already includes people who previously worked at Medidata, BenchSci, Oracle, Benchling and Salesforce Life Sciences.
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