Clinical trial intelligence platform company Lokavant recently announced an $8 million strategic investment from global business titan Mitsui & Co. Ltd. to expand its AI-optimized platform across the Asia-Pacific (APAC) region. One of Lokavant’s earliest customers CMIC Group is the largest contract research organization (CRO) in Japan and Lokavant’s foray into Japan’s established clinical research market. Now, with Mitsui’s support, Lokavant is poised to open a new APAC headquarters in Tokyo.
Mitsui’s Lokavant investment is the culmination of a year-long effort between the two companies, which included extensive due diligence of the global clinical trials landscape. Encouraged by Lokavant’s innovative clinical trial intelligence technology and their proven track record in Japan with current customers, Mitsui has pledged operational support – which includes business development, staffing, and product localization to expand Lokavant’s breadth in APAC after an initial focus on Japan. The regional headquarters in Tokyo are going to serve as a hub for customer support and operations in APAC.
With this Series A extension round, Mitsui joins previous investors that include Edison Partners and Roivant Sciences. And Lokavant has raised a total of $29 million in funding to expand its intelligence technology for additional applications ranging from trial participant diversity modeling to site feasibility planning. The company most recently launched a Study Planning solution and initiated a collaboration with a top-10 pharmaceutical customer.
Utilizing a proprietary data asset of historical trial data from more than 2,000 studies involving over 14,000 investigators, 12,000 healthcare institutions, and integrated real-world data (RWD) sources, Lokavant’s platform and analytical applications help pharmaceutical companies increase the accuracy and efficiency of trial planning and execution. The Clinical Trial Intelligence Platform provides sponsors and CROs with real-time, predictive analytics in a continuous feedback loop, resulting in a 70 times improvement in enrollment forecast accuracy, over $1 million in cost savings from patient retention, and six months’ time savings from detecting site noncompliance issues.
KEY QUOTE:
“Lokavant’s platform has driven significant value to pharmaceutical sponsors and CROs on global clinical trials, and with exceptional validation of the platform in Japan, it is a natural next step to launch Lokavant Asia. With a distinguished track record in international business and a rapidly growing reputation in life sciences innovation, Mitsui & Co is the ideal strategic partner for the creation of Lokavant AsiaPac.”
- Rohit Nambisan, CEO and co-founder of Lokavant
