PALO ALTO, Calif.--(BUSINESS WIRE)--Medable Inc. today announced $78 million in new funding to fuel advances in the delivery of digital and decentralized clinical trials, accelerating the industry’s shift to patient-centered drug development. The funding was led by Sapphire Ventures, along with new investor Obvious Ventures and follow-on investment from existing investors GSR Ventures, PPD, Inc. (Nasdaq:PPD) and Streamlined Ventures.
This is Medable’s third round of funding in less than a year, bringing total capital raised to more than $217 million. Medable will use the funding to continue enabling broad adoption of digital trials and patient-centric strategies at global scale. Key focus areas include internal initiatives related to ubiquitous research access, patient data fluidity, and intelligent monitoring of patients and clinical trial data, all designed to further Medable’s mission of enabling effective therapies to reach patients faster.
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 customers have achieved unprecedented results – including 3X faster enrollment and over 90 percent retention rates. Medable launched five new products and onboarded more than 50 new clients during the year, growing revenues by more than 400 percent – while expanding its ecosystem to accelerate digital and decentralized clinical trial adoption.
“The shift to patient-centered drug development necessitates entirely new strategies and technologies,” said Dr. 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. Our team is passionate about building a world with ubiquitous research access and radically accelerated drug development timelines.”
Medable has enabled clinical trials during the COVID-19 pandemic, facilitating the continuation of existing research via remote care as well as accelerating development of vaccines and therapeutics for COVID-19. Medable’s flexible and modular software platform enables clinical leaders to seamlessly 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.
“Medable has made impressive strides over the past year, expanding its platform, leadership team and partner ecosystem to meet the moment for its life sciences customers,” said David Hartwig, partner at Sapphire Ventures. “Now it’s time to drive broad adoption at global scale, and improve access and outcomes for even more patients. We’re excited to help Medable expand its groundbreaking work to digitize the clinical trial process.”
“When we met Medable, the team, product and mission stood out immediately,” said Tina Hoang-To, partner at Obvious Ventures. “Unlike competitors that have built technology for a single part of the value chain, Medable addresses every part of the clinical trial tech stack from patient recruitment to virtual visits to outcomes assessment – enabling customers to run trials anytime anywhere on a single platform.”
Anna Long, PPD’s senior vice president of corporate development and strategy, added: “Our continued strategic investments in Medable reinforce PPD’s commitment to digital trials, and our belief in the advancements that Medable is driving. We’re excited to continue working together to deliver valuable solutions that improve the patient experience, deliver time efficiencies and improve clinical trial data quality.”
Medable’s platform has been used for clinical trials across a variety of therapeutic areas in more than 60 countries, enabling participation in over 40 languages. Recent achievements include:
- Medable expanded its Patient Advisory Council (PAC), adding four new members who are well-known advocates, patients and caregivers. The PAC advises Medable and biopharma customers on ways to improve patient access, experience, and outcomes in clinical trials. Medable also established a new Patient Champion Network (PCN) with 15 members to consult on specific projects, tapping into a wide variety of skill sets and experiences, as well as geographic and demographic diversity.
- Medable hired a new Chief Scientific Officer (Dr. Pamela Tenaerts), who will lead social science research to help customers identify and implement groundbreaking decentralized trial strategies. Dr. Tenaerts brings more than 30 years of experience as a clinical trial manager, hospital researcher and academic, most recently serving as executive director of the Clinical Trials Transformation Initiative (CTTI) at Duke University.
- Medable hired a new Chief Product Officer (Parag Vaish) and its first Chief Design Officer (Sina Mossayeb) to help transform the clinical experience for patients and clinicians via human-centered design. Vaish and Mossayeb bring valuable expertise from breakthrough work with Tesla, Epocrates (athenahealth), StubHub, Aero, IDEO, Novartis and Disney.
- Medable hired its first Chief Operating Officer (Andrea Valente) to scale global delivery of digital and decentralized trials. Valente is a veteran life sciences technology leader who has managed operations, product and service delivery for Oracle, IBM, ERT, Siemens and Phase Forward.
- Medable announced a new partnership with Seqster to integrate real-time, real-world data streams into decentralized clinical trials. The partnership expands clinical research access to electronic health records (EHRs), genomic data (DNA), fitness wearables data, and social determinants of health (SDOH).
- Medable was named the Life Sciences Innovation Champion during Accenture’s HealthTech Innovation Challenge, hosted annually since 2016.
About Sapphire Ventures
Sapphire Ventures is a leading venture capital firm that partners with visionary teams and venture funds to build companies of consequence. For nearly two decades, Sapphire has been investing capital, resources and expertise in innovative startups and technology-focused venture funds around the world. With more than $6.8B in AUM across Sapphire Ventures, Sapphire Partners and Sapphire Sport, and with team members in Austin, London, Palo Alto and San Francisco, Sapphire is well-positioned to help scale companies and venture funds, elevating them to become global category leaders. To learn more about Sapphire Ventures, visit: https://sapphireventures.com/.
Medable is on a mission to get effective therapies to patients faster by transforming clinical drug development with disruptive technologies. The company’s digital platform streamlines design, recruitment, retention and data quality for decentralized trials, replacing siloed systems with integrated digital tools, data and interfaces to accelerate trial execution. Medable connects patients, sites and clinical trial teams to improve patient access, experience, and outcomes. Medable is a privately held, venture-backed company headquartered in Palo Alto, California. For more information, visit www.medable.com and follow @Medableinc on Twitter.