What You Should Know:
– Medable, Inc., a Palo Alto, CA-based global platform for decentralized clinical trials today announced $78M in new funding to fuel advances in the delivery of digital and decentralized clinical trials, accelerating the industry’s shift to patient-centered drug development. The funding was led by Sapphire Ventures, along with new investor Obvious Ventures and follow-on investment from existing investors GSR Ventures, PPD, Inc., and Streamlined Ventures.
– This is Medable’s third round of funding in less than a year, bringing total capital raised to more than $217 million.
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.
Recent Traction/Milestones During COVID-19
Medable experienced record growth in 2020 as the COVID-19 pandemic drove demand for remote clinical trial technologies. 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. Medable launched five new products and onboarded more than 50 new clients during the year, growing revenues by more than 400 percent – while expanding its ecosystem to accelerate digital and decentralized clinical trial adoption.
Medable has enabled clinical trials during the COVID-19 pandemic, facilitating the continuation of existing research via remote care as well as accelerating development of vaccines and therapeutics for COVID-19. 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. Medable launched five new products and onboarded more than 50 new clients during the year, growing revenues by more than 400 percent – while expanding its ecosystem to accelerate digital and decentralized clinical trial adoption.
Expansion Plans
Medable will use the funding to continue enabling broad adoption of digital trials and patient-centric strategies at global scale. Key focus areas include internal initiatives related to ubiquitous research access, patient data fluidity, and intelligent monitoring of patients and clinical trial data, all designed to further Medable’s mission of enabling effective therapies to reach patients faster.
“The shift to patient-centered drug development necessitates entirely new strategies and technologies,” saidDr. Michelle Longmire, CEO and co-founder of Medable. “Medable is committed to delivering the leading solutions to drug developers for this incredibly important change in how clinical research is conducted. Our team is passionate about building a world with ubiquitous research access and radically accelerated drug development timelines.”
