Back in May, we covered Medable when the Silicon Valley-based healthtech startup Medable raised $25M funding to drive global adoption of decentralized clinical trials. Medable is transforming clinical research and predictive medicine by creating a platform powered by patient-generated data,
Today, Medable announced it has raised another $91 million in a Series C funding round to reduce clinical trial timelines by 50 percent through its decentralized trial platform. The round, which brings Medable’s total capital raised to more than $136 million, was led by Sapphire Ventures, with participation from existing investors GSR Ventures, PPD, and Streamlined Ventures.
Founded in 2015 by James Sas, Michelle Longmire, and Tim Smith, Medable provides a global decentralized trial platform that streamlines design, recruitment, retention, and data quality, replacing siloed systems with integrated digital tools, data, and interfaces to accelerate trial execution. Medable’s platform connects patients, sites, and clinical trial teams to improve patient access, experience, and outcomes. Its platform is now used by leading biopharma sponsors and clinical research organizations worldwide and has been used for trials in 30+ countries and 26 languages.
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 in enabling clinical trials during the COVID-19 pandemic, facilitating the continuation of existing research via remote care as well as accelerating the 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 the 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.”
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