PhaseV, which uses machine learning to help design clinical trials, received a $15 million funding shot in the arm to expand its offerings and global reach.
The Boston- and Tel Aviv-based company's platform allows clinical development teams to design studies and make real-time changes during the course of a trial in order to speed drug development more efficiently, the company said in an Oct. 24 press release.
The funding round was led by Viola Ventures and Exor Ventures, and it included LionBird and a "group of prominent angel investors."
“This investment provides us with the resources to further advance our platform and expand our reach to additional pharma, CRO and biotech companies in Europe and the U.S.,” Raviv Pryluk, CEO and co-founder of PhaseV, said in the release.
PhaseV’s services include AI clinical trial optimization that assesses the potential impact of adaptive trial design and analysis that detects hidden signals in clinical trial data and evaluates endpoints and subpopulations to redefine success or failure of a trial. The platform has also been used to identify drugs that can be repurposed to treat other conditions.