PALO ALTO — Medable Inc. has raised $91 million in new funding to accelerate the life sciences industry’s shift to digital and decentralized clinical trials. The Series C funding round was led by Sapphire Ventures, with follow-on investment from existing investors GSR Ventures, PPD, Inc. and Streamlined Ventures. The funding brings Medable’s total capital raised to more than $136 million.
Medable is pioneering patient-centered research technologies, and said it grew revenues by more than 500% in 2020. Medable’s flexible and modular software platform enables clinical leaders to shift from clinic-centric to patient-centric research strategies. The platform provides a unified experience for patients and clinicians, enabling recruitment, remote screening, electronic consent, clinical outcomes assessment (eCOA), eSource, telemedicine, and connected devices.
This funding comes at a critical time as Medable has played a pivotal role enabling clinical trials during the COVID-19 pandemic, facilitating the continuation of existing research via remote care as well as accelerating development of vaccines and therapeutics for COVID-19.
Medable has seen rapid eCOA adoption, driving the field forward with enhancements including connected devices and telemedicine. The COVID-19 pandemic has driven demand for remote clinical trial technologies, and Medable is enabling complex research protocols to be conducted remotely through its platform. By minimizing the need for in-person site visits, Medable customers have achieved unprecedented results – including 3X faster enrollment and over 90 percent retention rates.
“The pandemic has made the world aware of the importance of clinical drug development,” said Dr. Michelle Longmire, CEO and co-founder of Medable. “We need transformative technologies that break down critical barriers to improve patient access, experience and outcomes. This new funding will enable Medable to continue our aggressive pursuit of new technologies that improve clinical trials to benefit all patients.”
“At Sapphire, we work with visionary teams and companies that focus on massive trends and are doing good for the world,” said David Hartwig, managing director at Sapphire Ventures and Medable’s new board member. “We’re all aware of the challenges with clinical trials, and it’s a problem we’re excited to help solve. Medable is doing groundbreaking work, and we’re excited to partner with Michelle and team as they revolutionize how care is being delivered by digitizing the clinical trial process.”