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The digital clinical trial company raised $91M, bringing its total funding to over $136 million
Last Thursday, Medable a company that is digitizing those clinical trials so that they can be conducted anywhere, announced that it has raised $91 million in a funding round 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.
Dr. Michelle Longmire, CEO and co-founder of Medable, spoke to Vator about why the company raised another round of funding so quickly, how it will deploy this new money and what's next for Medable.
VatorNews: What has been new at Medable since your last round of funding in May? How has the company been growing since then?
Michelle Longmire: Medable has experienced accelerating growth since our last round of funding. Much of it in the spring and early summer was driven by clinical research teams looking for immediate solutions to adapt clinical trials for remote and decentralized settings. Specifically, they needed telemedicine solutions that could enable remote interactions between patient and doctor. As we progressed into the fall, we saw accelerating interest in our full Decentralized Clinical Trial platform as a flexible solution to address ongoing needs to enhance enrollment and retention, improve data quality and expand patient access to trials.
VN: Why did you decide to raise another round of funding so soon after your last one?
ML: With our accelerating growth, the time is right to meaningfully scale each element of the Medable business. This ranges from our product development investments to our customer success, quality, and commercial operations. With both our pipeline, bookings, and revenue scaling in tandem, it's important that we meet this moment and deliver an exceptional customer, patient, and clinician experience across every facet of our organization.
VN: How have your customers been using your platform to develop COVID vaccines and therapeutics?
ML: We’re working with several biopharma sponsors and clinical research organizations to support the development of COVID vaccines and therapeutics.
VN: What kind of success have they seen thanks to using Medable?
ML: By minimizing the need for in-person site visits, Medable customers have achieved unprecedented results – including 3X faster enrollment and over 90 percent retention rates.
VN: What's next for Medable? Where do you see the company going in the next year or two?
ML: Medable will continue to lead the transformation of clinical trials to digital and decentralized modalities. This includes continued focus on streamlining data capture and clinical trial processes to improve the measurement of safety and efficacy, while investing in technology and process innovations that improve patient access, retention, and outcomes.
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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.