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This is the company's second fundraising of the year, after a $25M round in May
COVID has created something of a paradox: while more clinical trials are becoming necessary to test the efficacy of therapeutics and vaccines related the disease, the pandemic has also made the idea of conducting those trials in person a less than ideal solution, to say the least.
Medable has found the solution: the company, which is digitizing those clinical trials so that they can be conducted anywhere, has seen a ton of interest from VCs this year, announcing on Thursday that it has raised its second round of funding in 2020.
The company's new $91 million funding round was led by Sapphire Ventures, with follow-on investment from existing investors GSR Ventures, PPD, and Streamlined Ventures. Following its $25 million funding round in May, the company's total capital raised has now reached more than $136 million.
Founded in 2015, Medable's platform offers its clients, which include clinical trial sponsors, such as pharma and biotech companies, as well as clinical research organizations who manage trials for those companies, features such as patient identification and site selection through AI and machine learning; digitized patient enrollment; and the ability to do trials in any country and in any language. The company also also provides them with remote patient monitoring, and the ability to see streaming data and patient data in real-time.
Medable is currently being used by dozens of biopharma sponsors and clinical research organizations around the globe for a number of use cases, including the development of vaccines and therapeutics for COVID-19. The platform has been used for trials in over 60 countries, double the number it was in May, and 40 languages. The company also said it had grown its revenues by more than 500 percent this year.
Along with its funding, the company has also expanded its offerings in 2020; due to increased usage thanks to the pandemic, the company introduced a global telemedicine capability in May to connect patients virtually with site coordinators, investigators and other care professionals.
It has also entered into a number of partnerships, including one with MRN to support remote and in-home care and a partnership with AliveCor to scale remote clinical trials by enabling the use of AliveCor’s in-home ECGs as part of Medable’s platform. Since its last funding round, the company has also entered into a partnership with Datavant to help clinical trial teams integrate data sources for decentralized trial design, recruitment and data management.
“The pandemic has made the world aware of the importance of clinical drug development,” said Dr. Michelle Longmire, CEO and co-founder of Medable, said in a statement.
“We need transformative technologies that break down critical barriers to improve patient access, experience and outcomes. This new funding will enable Medable to continue our aggressive pursuit of new technologies that improve clinical trials to benefit all patients.”
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Medable is a privately held, venture-backed company headquartered in Palo Alto, California. We are focused on building a unified platform for clinical trial execution, enabling patient generated data to drive clinical research, and precision and predictive medicine.