US-based clinical trial preparation service Medable collected $25m on Monday in a round featuring contract research organisation PPD that was led by venture capital firm GSR Ventures.
Formerl known as Dermtap, Medable runs a cloud-based software platform for designing, enrolling and evaluating clinical trials of medical products.
The platform is tailored to trials conducted across multiple clinical sites, of particular relevance at a time when single-site trials are more difficult because of Covid-19.
Medable also offers a telemedicine platform – Medable Telemedicine – that enables trial sponsors to conduct video consultations with clinical studies participants. The platform was launched in a strategic partnership with Synexus, a research site network owned by PPD.
The capital will go toward product development, partnerships and commercialisation. Medable says it has now raised more than $45m to date.
Medable previously disclosed $16.2m of equity in a regulatory filing last month however it is unclear whether this is included in the latest round. Filings also state Medable raised $3.6m of a targeted $8.4m equity round in 2016, and PPD was described in the latest round as an existing investor.