Lokavant received an $8 million investment from Mitsui & Co. that will be used to expand the clinical trial intelligence company’s presence in the Asia-Pacific region.
As part of the expansion, Lokavant plans to open a regional headquarters office in Tokyo, the company said in an Oct. 3 press release. Details of when the Tokyo office may open weren’t disclosed.
Lokavant, which was incubated by Roivant Sciences, garnered Japan’s CMIC Group as one of it first customers. CMIC is among the largest CROs in the country. Lokavant uses historical trial data from more than 2,000 studies involving over 14,000 investigators, 12,000 healthcare institutions and real-world data sources.
“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,” Rohit Nambisan, co-founder and chief executive of Lokavant, said in the release.
To date, the company has raised a total of $29 million in funding. Last December, the company reeled in $21 million of series A funding in a round led by Edison Partners. In August, Lokavant launched a study planning platform to help sponsors and CROs determine the best sites and other goals for their clinical studies.