Medable Inc., a Palo Alto, Calif-based leading cloud platform for patient-centered clinical research, today announced $304 million in Series D funding to accelerate global adoption of digital and decentralized clinical trials, enabling ubiquitous access to the latest treatments for everybody and every biology.
The funding round was co-led by new investors Blackstone Growth and Tiger Global and existing investor GSR Ventures. The round also includes follow-on investment from existing investors Sapphire Ventures and WTI. This is Medable’s fourth round of funding in 18 months, bringing total capital raised to $521 million, bringing Medable’s valuation to $2.1 billion.
Medable will use the funding to help pharma, biotech, and clinical research customers accelerate the development of new medicines with transformative life science technologies. Medable will focus on improving access to clinical trials worldwide and will make continued investments in remote patient technologies and tools that enable sites to lead decentralized research with best-in-class technologies for patient care and research.
Medable will also expand its global operations and deepen investments in its SaaS technology platform and partner ecosystem.
Company: Medable, Inc.
Round: Series D
Funding Month: October 2021
Lead Investors: Blackstone Growth, Tiger Global, and GSR Ventures
Additional Investors: Sapphire Ventures and WTI
Company Website: http://www.medable.com/
Software Category: a cloud platform for patient-centered clinical research
About the Company: Medable is on a mission to get effective therapies to patients faster by transforming clinical drug development with disruptive technologies. The company’s digital platform streamlines design, recruitment, retention, and data quality for decentralized trials, replacing siloed systems with integrated digital tools, data, and interfaces to accelerate trial execution. Medable connects patients, sites, and clinical trial teams to improve patient access, experience, and outcomes. Medable is a privately held, venture-backed company headquartered in Palo Alto, California. Medable has now deployed its software-as-a-service (SaaS) platform via more than 150 decentralized and hybrid clinical trials in 60 countries, serving more than one million patients and research participants globally. By minimizing the need for in-person site visits, Medable customers have achieved unprecedented results – including 200 percent faster enrollment, 90 percent retention rates, and 50 percent cost reductions. Medable was recently named a Leader with top scores in Everest Group’s “Decentralized Clinical Trial Products PEAK Matrix®” assessment.