Medable Raises $91 Million to Decentralize Clinical Trials
November 19, 2020
Rare Daily Staff
Medable said it raised $91 million in funding to accelerate the life sciences industry’s shift to digital and decentralized clinical trials.
Sapphire Ventures led the financing, with follow-on investment from existing investors GSR Ventures, PPD, and Streamlined Ventures. The funding brings Medable’s total capital raised to more than $136 million.
Medable is developing patient-centered research technologies. It’s flexible and modular software platform enables clinical investigators 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.
Medable has seen rapid electronic consent clinical outcomes adoption. 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 three times faster enrollment and greater than 90 percent retention rates.
“The pandemic has made the world aware of the importance of clinical drug development,” said 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.”
“We’re all aware of the challenges with clinical trials, and it’s a problem we’re excited to help solve,” said David Hartwig, managing director at Sapphire Ventures and Medable’s new board member. “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.”
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 more than 40 languages.
Photo: Michelle Longmire, CEO and co-founder of Medable
Sign up for updates straight to your inbox.