Medable tops off a strong year with US 91M funding round
Decentralized study company Medable has raised a large $91 million funding round as it continues to ramp up the deals in 2020.
The series C is a major jump on its two previous rounds, more than doubling in one round the $45 million previously made in two, and was led by Sapphire Ventures with follow-on investment from existing investors GSR Ventures, PPD and Streamlined Ventures.
This also comes after the firm penned a series of deals with life science contractors including the likes of Datavant, PPD and Covance, as it looked to help CROs navigate choppy pandemic waters with its siteless trial model.
There has been a real boon for these types of companies in 2020, as the COVID-19 crisis has ripped through the globe and halted thousands of trials, leaving regulators to recommend using the sort of virtual/siteless model Medable and others, like Science 37, offer.
This saw Medable grow its revenue by 500% this year as more companies signed up for its services, which allows trial teams to combine real-world health records, claims, diagnostic and other sources with their clinical trial data.
In essence, its model slashes the need for in-patient site visits and allows complex research protocols to be conducted remotely through its platform. During a pandemic in which social distancing and lockdowns have become the norm, this has been a necessity to get trial going/stay on track.
“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.
“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.”
The company believes 2020 will be the pivotal year for a virtual trial model, shifting to digital and decentralized and away from the traditional brick-and-mortar, pen-and-paper approach. This has been slowly coming for years, but the pandemic has sped up its importance; the companies hope the model will remain attractive even after the pandemic is cleared.
“The impact Medable has created—helping ensure patients have continued access to clinical trials in spite of the challenges created by COVID-19—is nothing short of tremendous,” said Sunny Kumar, M.D., partner at GSR Ventures.
“Michelle and her team have demonstrated how a patient-focused solution can catalyze true innovation in clinical trials. We have full confidence that Medable’s digital and decentralized trial platform will define the next frontier of medication development.”