- Medable recently announced it has raised $91 million in a new round of funding. These are the details.
Medable recently announced it has raised $91 million in a new round of funding to accelerate the life sciences industry’s shift to digital and decentralized clinical trials. And the Series C funding round was led by Sapphire Ventures with follow-on investment from existing investors GSR Ventures, PPD, and Streamlined Ventures. This funding round brings Medable’s total capital raised to over $136 million.
Medable — which is known for its pioneering patient-centered research technologies — grew revenues by over 500% in 2020. And Medable’s flexible and modular software platform enables clinical leaders to shift from clinic-centric to patient-centric research strategies. Plus 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 round of funding comes at a critical time as Medable has played a pivotal role in enabling clinical trials during the COVID-19 pandemic, thus facilitating the continuation of existing research via remote care as well as accelerating the development of vaccines and therapeutics for COVID-19. And 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. And by minimizing the need for in-person site visits, Medable customers have achieved unprecedented results including 3x faster enrollment and over 90% retention rates.
Medable’s 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. And 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.
“The pandemic has made the world aware of the importance of clinical drug development. 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.”
— Dr. Michelle Longmire, CEO and co-founder of Medable
“At Sapphire, we work with visionary teams and companies that focus on massive trends and are doing good for the world. 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.”
— David Hartwig, managing director at Sapphire Ventures and Medable’s new board member
“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. 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.”
— Dr. Sunny Kumar, partner at GSR Ventures