Other existing investors GSR Ventures, PPD, and Streamlined Ventures, also participated in the round. With the current round, the company has raised more than $136 million in funding.
The company says its software platform enables clinical leaders to focus on patient-centric research strategies. The platform provides a holistic experience for patients and clinicians, enabling recruitment, remote screening, electronic consent, clinical outcomes assessment (eCOA), eSource, telemedicine, and connected devices.
According to the company, Medable has seen rapid Electronic Clinical Outcome Assessments (eCOA) adoption, driving the field with enhancements including connected devices and telemedicine. It has driven demand for remote clinical trial technologies, and Medable enables complex research protocols to be conducted remotely through its platform.
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”, stated in the press release.
“The impact Medable has created – helping ensure patients have continued access to clinical trials in spite of the challenges created by COVID-19 – is nothing short of tremendous. Michelle and her team have demonstrated how a patient-focused solution can catalyze true innovation in clinical trials. We have full confidence that Medable’s digital and decentralized trial platform will define the next frontier of medication development”, commented Dr. Sunny Kumar, partner at GSR Ventures.
According to the latest Mercom digital health funding report, Telemedicine companies raised a whopping $3.3 billion in the first nine months of 2020. Recently, telemedicine app K Health secured $42 million in Series D funding.
Image credit: Medable