Medable Secures $91 Million Funding to Accelerate Industry Shift to Digital and Decentralized Clinical Trials
PALO ALTO, Calif.--(BUSINESS WIRE)-- Medable Inc. today announced $91 million in new funding to accelerate the life sciences industry’s shift to digital and decentralized clinical trials. 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 is pioneering patient-centered research technologies, and grew revenues by more than 500% in 2020. 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.
This funding comes at a critical time as Medable has played a pivotal role enabling 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.
Medable 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.
“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.”
“At Sapphire, we work with visionary teams and companies that focus on massive trends and are doing good for the world,” said David Hartwig, managing director at Sapphire Ventures and Medable’s new board member. “We’re all aware of the challenges with clinical trials, and it’s a problem we’re excited to help solve. Medable is doing groundbreaking work, and we’re excited to partner with Michelle and team as they revolutionize how care is being delivered by digitizing the clinical trial process.”
“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 Dr. Sunny Kumar, 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.”
Medable’s strong growth demonstrates that the company’s patient-centered vision and physician-scientist led strategy resonate with clinical trial leaders, who need a unified technology platform to digitize complex clinical trials. Medable’s platform has been used for registrational clinical trials across a variety of therapeutic areas worldwide in more than 60 countries, enabling participation in over 40 languages. Key achievements in 2020 include:
- Launched a new TeleVisit mobile application co-developed and deployed with PPD, as well as TeleConsent™ and TeleCOA™ applications, all of which 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.
- Expanded the team with new leaders for sales, marketing, strategy and partnerships, with 150 years combined experience in health and technology including prior roles at Novartis, Abbott, AstraZeneca, Covance, PPD, Medidata, Oracle, IBM, ERT, MedImmune and Otsuka.
- Announced a global partnership with Datavant to help clinical trial teams easily integrate multiple data sources for decentralized trial design, recruitment and data management.
- Announced a global alliance with MRN, enabling home clinical trial specialists to conduct home and remote visits using Medable’s Trial-Fit Telemedicine solution.
- Announced a partnership with AliveCor to dramatically scale remote clinical trials by enabling the use of AliveCor’s in-home ECGs as part of Medable’s platform.
- Established its Patient Advisory Council, a nationwide network of advocates who advise Medable and biopharma customers on ways to improve patient access, experience, and outcomes in clinical trials, ensuring patient-centric approaches throughout the process.
- Launched a multi-company research framework to accelerate the development of diagnostics and treatments for COVID-19, providing a mobile application and secure infrastructure to connect health researchers and clinical trial teams with up to millions of home-bound individuals in the United States.
- Joined the Global Genes® RARE Corporate Alliance to help expedite therapies for rare disease patients, collaborating with more than 80 rare disease industry stakeholders.
- Earned industry recognition as a champion for decentralized trials (PM360’s Sixth Annual ELITE Awards), an industry “game changer” (PharmaVOICE 100), an innovative digital health startup (CB Insights Digital Health 150) and one of Entrepreneur Magazine’s 100 most powerful women (100 Powerful Women of 2020).
About Sapphire Ventures
Sapphire Ventures is a venture capital firm focused on helping innovative technology companies become global category leaders. Leveraging nearly two decades of experience and an extensive global executive network, Sapphire invests capital, resources and expertise to enable its portfolio companies to scale rapidly through a powerful business development, marketing and talent platform. With more than $4 billion in assets under management across its Sapphire Ventures, Sapphire Partners and Sapphire Sport investment platforms, Sapphire is positioned to elevate companies across technology sectors to the global stage. To learn more about Sapphire Ventures, please see: https://sapphireventures.com/.
Medable is on a mission to get effective therapies to patients faster by transforming clinical drug development with disruptive technologies. The company’s digital platform streamlines design, recruitment, retention and data quality for decentralized trials, replacing siloed systems with integrated digital tools, data and interfaces to accelerate trial execution. Medable connects patients, sites and clinical trial teams to improve patient access, experience, and outcomes. Medable is a privately held, venture-backed company headquartered in Palo Alto, California. For more information, visit www.medable.com and follow @Medableinc on Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201119005713/en/
Lisa Barbadora, Big Valley Marketing for Medable, +1 (610) 420-3413, firstname.lastname@example.org
Source: Medable Inc.
View this news release online at: