What You Should Know:
– Decentralized Clinical Trials (DCT) leader Medable, today announced a $304M Series D funding round today – the company’s largest and fourth funding round in 18 months, bringing total capital raised to $521M – and valuation to $2B+. The funding round was co-led by new investors Blackstone Growth and Tiger Global and existing investor GSR Ventures. The round also includes follow-on investment from existing investors Sapphire Ventures and WTI.
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.
Medable has now deployed its software-as-a-service (SaaS) platform via more than 150 decentralized and hybrid clinical trials in 60 countries, serving more than one million patients and research participants globally. By minimizing the need for in-person site visits, Medable customers have achieved unprecedented results – including 200 percent faster enrollment, 90 percent retention rates, and 50 percent cost reductions. Medable was recently named a Leader with top scores in Everest Group’s “Decentralized Clinical Trial Products PEAK Matrix®” assessment.
Plans for Funding
Medable will use the funding to help pharmaceutical, biotech and clinical research customers accelerate development of new medicines with transformative life science technologies. Medable will focus on improving access to clinical trials worldwide and will make continued investments in remote patient technologies and tools that enable sites to lead decentralized research with best-in-class technologies for patient care and research. Medable will also expand its global operations and deepen investments in its SaaS technology platform and partner ecosystem.
“Decentralized trial technologies have been critical to drug development during the pandemic, providing global remote access and supporting COVID vaccine and therapeutic research at record speed,” said Dr. Michelle Longmire, CEO and co-founder of Medable. “Patients need the life sciences industry to continue innovating at this pace. By working at the intersection of speed, safety and science, we believe we can meaningfully reduce the barriers to drug development – and ultimately, enable more effective therapies for people all over the world.”