Decentralized study company Medable has raised $78 million in its third funding round less than six months after grabbing $91 million.
The Californian company, one of a group of digital trial specialists cashing in on the virtual trial study craze amid the pandemic, saw its latest round led by Sapphire Ventures along with new investor Obvious Ventures and follow-on investment from existing investors GSR Ventures, PPD and Streamlined Ventures.
It has now raised $217 million to date, with most of that coming over the past year, during which its services that can allow trial subjects to be monitored at home has seen fresh interest in those able to set these outsourced trials up. While focusing in on siteless trials, it does too offer a hyrbrid approach and physical sites, allowing for tests that must be done under certain conditions and not from home.
This comes around a month after the company took the wraps off a new partnership with Seqster to integrate real-time, real-world data streams into decentralized clinical trials. This pact itself came after a strong year of deals, teaming up with a host of CROs and biopharmas throughout 2020 and early 2021.
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“The shift to patient-centered drug development necessitates entirely new strategies and technologies,” said Michelle Longmire, M.D., 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.”
In essence, its model slashes the need for in-patient site visits and allows complex research protocols to be conducted remotely through its platform. During a pandemic in which social distancing and lockdowns have become the norm, this has been a necessity to get trials going and to keep them on track.
“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,” added 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.”