The cloud-based decentralized, end-to-end clinical trial platform allows patients to virtually connect with their site coordinators, investigators, or other care professionals. The platform serves biopharma sponsors and clinical research organizations for trials in over 30 countries and 26 languages.
GSR Ventures, an early-stage healthcare and artificial intelligence investor led the financing round, with additional investment from existing investor PPD.
GSR Ventures recently participated in a $9 million seed investment for Ferrum Health, a developer of AI-powered platform created to prevent medical mistakes. GSR Ventures investment portfolio includes Kinsa, Deep 6 AI, DataVisor, Plus AI, and Qunar.
As part of the investment, Dr. Sunny Kumar, partner at GSR Ventures, joins the Medable board.
“The future of medicine is digital, personalized, data-driven, and delivered directly to the patient,” said Dr. Sunny Kumar. “Medable has built a diverse and capable team of technology and biopharma experts, and they have built a comprehensive platform that is well-positioned to meet the market need. Clinical trials are ripe for disruption, and Medable brings forward the next generation of clinical trial platform technology to streamline new therapy development.”
The new funds will help to accelerate clinical drug development with digital technology, continue product development, partnerships, and market adoption for the decentralized trial platform.
Founded in 2015, Medable has raised over $45 million to date.
According to Mercom database, cloud-based clinical trial service companies have raised $600 million since 2013. Last year, TrialJectory, an AI-based clinical trial-matching platform that uses self-reported clinical information to facilitate the clinical trial search and enrollment by cancer patients and their physicians, raised $2.7 million in a seed financing round, led by Contour Venture Partners.