What You Should Know:
Medable announced $91 million in new funding to accelerate the life sciences industry’s shift to digital and decentralized clinical trials, bringing Medable’s total capital raised to more than $136M.
– Medable has played a pivotal role in enabling clinical trials during the COVID-19 pandemic, facilitating the continuation of existing research via remote care as well as accelerating the development of vaccines and therapeutics for COVID-19.
Medable, Inc., a Palo Alto, CA-based global platform for decentralized clinical trials, announced it has raised $91M in Series C funding led by Sapphire Ventures, with participation from existing investors GSR Ventures, PPD, Inc. and Streamlined Ventures.
Global Decentralized Clinical Trial Platform
Founded in 2015 by Dr. Michelle Longmire and Tim Smith, Medable’s flexible and modular software platform enables clinical leaders to shift from clinic-centric to patient-centric research strategies. The platform provides a unified experience for patients and clinicians, enabling recruitment, remote screening, electronic consent, clinical outcomes assessment (eCOA), eSource, telemedicine, and connected devices.
COVID-19 Pandemic Underscores Importance of Decentralized Clinical Trials
Medable has played a pivotal role in enabling clinical trials during the COVID-19 pandemic, facilitating the continuation of existing research via remote care as well as accelerating the development of vaccines and therapeutics for COVID-19.
“The pandemic has made the world aware of the importance of clinical drug development,” said Dr. Michelle Longmire, CEO and co-founder of Medable. “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.”
Medable’s revenue grew revenues by more than 500% in 2020 as the company has seen rapid eCOA adoption, driving the field forward with enhancements including connected devices and telemedicine. The COVID-19 pandemic has driven demand for remote clinical trial technologies, and Medable is enabling complex research protocols to be conducted remotely through its platform. 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.