PALO ALTO — Medable Inc. has announced $78 million in new funding to fuel advances in the delivery of digital and decentralized clinical trials for drug development. The funding was led by Sapphire Ventures, along with new investor Obvious Ventures and follow-on investment from existing investors GSR Ventures, PPD, Inc. and Streamlined Ventures.
This is Medable’s third round of funding in less than a year, bringing total capital raised to more than $217 million. Medable plans to use the funding to continue enabling broad adoption of digital trials and patient-centric strategies at global scale. Key focus areas include internal initiatives related to ubiquitous research access, patient data fluidity, and intelligent monitoring of patients and clinical trial data, all designed to further Medable’s mission of enabling effective therapies to reach patients faster.
Medable says it saw record growth in 2020 as the COVID-19 pandemic drove demand for remote clinical trial technologies. 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. Medable launched five new products and onboarded more than 50 new clients during the year, growing revenues by more than 400 percent – while expanding its ecosystem to accelerate digital and decentralized clinical trial adoption.
“The shift to patient-centered drug development necessitates entirely new strategies and technologies,” said Dr. Michelle Longmire, CEO and co-founder of Medable. “Medable is committed to delivering the leading solutions to drug developers for this incredibly important change in how clinical research is conducted. Our team is passionate about building a world with ubiquitous research access and radically accelerated drug development timelines.”
Medable has enabled 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’s flexible and modular software platform enables clinical leaders to seamlessly 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.
“Medable has made impressive strides over the past year, expanding its platform, leadership team and partner ecosystem to meet the moment for its life sciences customers,” said David Hartwig, partner at Sapphire Ventures. “Now it’s time to drive broad adoption at global scale, and improve access and outcomes for even more patients. We’re excited to help Medable expand its groundbreaking work to digitize the clinical trial process.”