Medable Raises $78 Million to Decentralize Clinical Trials
April 15, 2021
Rare Daily Staff
Medable said it raised $78 million in new funding to fuel advances in the delivery of digital and decentralized clinical trials, bringing the total raised in the past year to $217 million.
Sapphire Ventures led the funding, which included participation from new investor Obvious Ventures and follow-on investment from existing investors GSR Ventures, PPD, and Streamlined Ventures.
Medable said it will use the funding to continue enabling broad adoption of digital trials and patient-centric strategies at global scale.
Medable experienced record growth in 2020 as the COVID-19 pandemic drove demand for remote clinical trial technologies. By minimizing the need for in-person site visits, Medable said its customers have achieved three times faster enrollment and more than 90 percent retention rates.
The company launched five new products and onboarded more than 50 new clients during the year, growing revenues by more than 400 percent.
Medable’s 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, eSource, telemedicine, and connected devices.
“The shift to patient-centered drug development necessitates entirely new strategies and technologies,” said Michelle Longmire, CEO and co-founder of Medable. “Medable is committed to delivering the leading solutions to drug developers for this incredibly important change in how clinical research is conducted.”
Photo: Michelle Longmire, CEO and co-founder of Medable
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