Medable Gets $91M to Accelerate Digitization of Clinical Trials
Medable Inc. has received $91 million in new funding to accelerate the life sciences industry’s shift to digital and decentralized clinical trials spurred by the pandemic.
The Palo Alto, Calif.-based company says its software 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.
In 2020 the startup company launched mobile applications that connect patients virtually with sites and sponsors using web and mobile technologies. The new apps enable patients to get clinical advice, capture informed consent and re-consent, and share outcome assessments from the comfort of a patient’s home, anywhere in the world.
The Series C funding round was led by Sapphire Ventures, with follow-on investment from existing investors GSR Ventures, PPD Inc. (Nasdaq: PPD) and Streamlined Ventures. The funding brings Medable’s total capital raised to more than $136 million.
Medable says COVID-19 pandemic has driven demand for remote clinical trial technologies, and the company is enabling complex research protocols to be conducted remotely through its platform. By minimizing the need for in-person site visits, Medable says its customers have achieved results such as three times faster enrollment and over 90 percent retention rates.
“The pandemic has made the world aware of the importance of clinical drug development,” said Michelle Longmire, M.D., CEO and co-founder of Medable, 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.”
Earlier this year, the company announced a partnership with Datavant to help clinical trial teams easily integrate multiple data sources for decentralized trial design, recruitment and data management.
