SAN FRANCISCO — RDMD, a healthcare technology company dedicated to accelerating drug research for patients with rare diseases, has raised $14 million in Series A financing. RDMD has developed an FDA-ready technology platform that generates deep clinical evidence to accelerate rare disease research and drug development, as well as a patient application that empowers patients and families to participate in research from home.
“Since our $3 million seed funding and founding in 2018, RDMD has been committed to empowering patients with rare diseases by driving access to their own medical data and providing an easy way to directly impact future drug development for their conditions. Today, we are the only patient-centered, regulatory-grade, real world evidence platform focused on the unique and growing challenges in rare disease drug development. The traditional model just isn’t cutting it for rare disease communities and we aim to redefine the model,” said Nancy Yu, co-founder and chief executive officer of RDMD. “We are honored to welcome such a tremendous Series A group of leading healthcare and tech investors who believe in our mission. We are also very excited to announce success in establishing industry partnerships and growth in our patient communities. We have advanced from one condition focus to 12 conditions in less than two years, with plans to be in more than 30 conditions within a year. In a time of uncertainty for the world during the current COVID-19 pandemic, we want the rare disease patients and communities that we serve to know we are still working hard to make important progress in partnership with the entire rare disease community.”
RDMD’s $14 million Series A financing was led by Spark Capital, with participation from existing seed investors Lux Capital, Village Global and Garuda Ventures, and new investor Maveron Capital. In addition, angel investors representing a diverse group of executives from various healthcare technology, biopharmaceutical and technology companies, as well as patient foundations, participated in the round.
Proceeds of the financing will be used to:
- Expand into 20 additional rare diseases
- Launch corresponding research studies for each of the new conditions, which will help researchers better understand the natural progression of each disease and design better trials as a result
- Offer new and improved research experience and research insights to participants in each rare disease community
- Expand the company’s collaborative partnerships with patient organizations and academic consortiums ready to build a regulatory-grade evidence platform in their conditions
- Grow the company’s commercial partnerships with new and existing biopharmaceutical customers
- Further expand the company’s international platform capabilities
- Expand the company’s team, including key senior leadership hires
- Ensure continuity of research programs throughout the COVID-19 pandemic and beyond