California data analytics company Saama Technologies has raised $40 million as it looks to bolster its artificial technology platform to “disrupt” clinical trials.
The cash boost, coming out of Perceptive Advisors, will be used to support the expansion of Saama’s Life Science Analytics Cloud (LSAC), an AI-powered platform that the company says “seamlessly ingests, integrates, curates and harmonizes clinical trial operational and patient data from proprietary and external data sources to deliver actionable, regulatory-ready insights.”
In essence, it’s using a data analytics approach to help speed up clinical trials and drugs to the market more quickly for its clients. It’s raised $75 million toward this goal since 2015.
Suresh Katta, founder and CEO of Saama Technologies, said, “The pharmaceutical industry, patients, advocacy groups and global regulatory agencies are all eager for innovations that rapidly accelerate clinical trials while driving down costs.
“We are excited to lead that change with a differentiated data analytics platform. We intend to use the proceeds of this financing to strengthen our ecosystem of pharma and biotech partners, academia, data providers and CROs, and build a suite of collective innovations leveraging our award-winning LSAC platform.”
“Perceptive’s investment in Saama will enable this leading data analytics company to continue to innovate at the highest level,” added Sam Chawla, portfolio manager, Perceptive Advisors. “Partnering with Saama at this exciting juncture in the company’s lifecycle opens up a spectrum of future opportunities for Saama to positively impact clinical operations and influence business outcomes for life sciences companies.”
Saama’s life science solution is based on a data analytics platform. It includes the Trial Planning Optimizer, which uses real-world data to identify eligible patient and investigator, evaluate the success rate of patient enrollment and site selection, and identify protocol design problems that may affect recruitment. It also has a cohort generation solution that uses real-world patient information to identify target population groups that could fit inclusion-exclusion criteria.
Last year, it penned a pact with Elligo Health Research that saw the pair combine their clinical trial support software to create a new platform, designed to improve clinical research data management.
By joining forces, the partnership aims to help trial sponsors assemble vast amounts of data from disparate sources and to transform the way submission data is produced by using dashboards, analytics and reporting.