The company, which raised two rounds of funding in 2020, saw sales grow 400%
As harsh as COVID was around the world over the past year, it has also been a boon for virtual care companies as the pandemic accelerated trends that were already coming but years away from actual reality. What we consider “healthcare” today is fundamentally different from what it was in March 2020.
One company that particularly benefited was Medable, a startup digitizing clinical trials so they can be done anywhere. In addition to adding more than 50 new customers and growing sales by more than 400 percent in 2020, the company also conducted two major funding rounds, first a $ 25 million round in May, followed by a $ 91 million round. Dollar round in November.
Now Medable is back with even more funding, announcing a $ 78 million round on Thursday led by Sapphire Ventures, along with new investor Obvious Ventures and follow-up investments from existing investors GSR Ventures, PPD and Streamlined Ventures. This brings the company’s total capital to over $ 217 million.
Dr. Michelle Longmire, CEO and co-founder of Medable, told me why the company found another fund so quickly, “primarily an insider group,” in which its own investors wanted to put more money.
We weren’t actively looking for money, but our investors saw the rapid growth and wanted to invest again. This brings more wind to our sails to scale for customers and reach our full commercial potential, “she said.
In a blog post, Tina Hoang-To, partner at Obvious Venture, wrote why her company decided to invest in Medable and stated that “the team and the product stood out immediately”.
“There is no one size fits all study. A cancer study has very different requirements than a cardiovascular study – different settings, tests, processes, check-ins, hardware, etc. Pharmaceutical sponsors need a DCT solution that they can trust the same standard and quality for every type of test, which is why sponsors trust Medable, “wrote Hoang-To.
“Based on Michelle’s expertise and vision, Medable has assembled a team of experts from various therapeutic areas from leading companies such as Covance, ERT and AstraZeneca. Medable is not just a technology company, but a partner for the introduction of virtual or hybrid clinical trials.”
Founded in 2015, the Medable platform offers its customers, who include clinical trial sponsors such as pharmaceutical and biotech companies, as well as clinical research organizations that manage trials for these companies, features such as patient identification and site selection through AI and machine learning. digitized patient recruitment; and the ability to conduct experiments in any country and in any language. The company also offers them remote patient monitoring and the ability to view streaming data and patient data in real time.
Medable’s platform has been used for clinical trials in more than 60 countries and in over 40 languages. Due to the use of the platform, customers see registration times faster and a retention rate of over 90 percent.
In addition to the rapid growth in 2020, Medable launched five new products in the past year, including a new TeleVisit mobile application that was launched together with its partner PPD in March last year. Other remote and mobile applications included TeleConsent, which enables full consent and re-consent for clinical trials remotely, and TeleCOA, which combines Electronic Clinical Results Assessments (eCOAs) with TeleVisits to enable the collection of critical clinical trial results from to enable from home.
“With the new apps, patients can get clinical advice, get informed informed consent, and share outcome assessments from the comfort of their homes anywhere in the world,” said Longmire.
Medable says it will use the funds to continue the adoption of digital studies and patient-centric strategies on a global scale. Some of the company’s main focus for the future are internal initiatives related to ubiquitous access to research, fluidity of patient data, and intelligent monitoring of patients and clinical trial data.
“We are continually adding new features and capabilities to our platform. We will use the funds to invest in both software and services that make clinical trials more accessible to patients worldwide, regardless of geography, income, gender or race,” said he Longmire.
“We’re also investing in human-centered design to transform the research experience for both patients and clinicians. Ultimately, we’re trying to bring research to patients everywhere and give them a customer experience that is as simple as on-demand groceries.” Delivery.”
While Longmire notes that COVID-19 has added up to five years to the timeline for introducing digital and decentralized studies, he also admits “there is much more to be done in the industry.”
“2021 will be marked by the democratization of access to research. Biopharma sponsors can now grant patients worldwide remote access to new investigational drugs,” she said.
“Looking ahead, Medable will continue to drive radical transformations through patient-centered technologies that remove traditional bottlenecks and transform key processes. We will also build a global ecosystem that enables research anytime, anywhere, for everyone. Our team is passionate about building . ” a world with ubiquitous access to research and radically accelerated drug development schedules. “
(Image source: medable.com)