Medable, a US-based developer of clinical trials management software that counts contract research organisation PPD as an investor, raised $304m in series D funding yesterday at a $2.1bn valuation.
The round was co-led by Blackstone Growth, Tiger Global Management and GSR Ventures and backed by Sapphire Ventures and Western Technology Investment.
Founded in 2015 as Dermtap, Medable provides cloud-based software to conduct decentralised trials. It allows researchers tp remotely design and evaluate trials and manage and optimise volunteer recruitment, screening, retention, clinical analysis, data quality and telemedical treatment.
The company intends to use the funding to expand its global operations and increase investments in its technology platform and partner ecosystem. This round took its overall funding to $521m, it said.
Medable had received $78m in funding in an April 2021 round led by Sapphire Ventures that included PPD, Obvious Ventures, GSR Ventures and Streamlined Ventures.
Sapphire Ventures had previously led a $91m series C round for the company in November 2020 with backing from PPD, GSR Ventures and Streamlined Ventures.
GSR Ventures and PPD provided $25m in funding for Medable in May 2020. It had previously received $3.6m in 2016 and $16.1m in April 2020, according to securities filings, and named HealthX Ventures and Launchpad Digital Health as existing investors this week.
Michelle Longmire, Medable’s co-founder and chief executive, said: “Decentralised trial technologies have been critical to drug development during the pandemic, providing global remote access and supporting covid vaccine and therapeutic research at record speed.
“Patients need the life sciences industry to continue innovating at this pace. By working at the intersection of speed, safety and science, we believe we can meaningfully reduce the barriers to drug development – and ultimately, enable more effective therapies for people all over the world.”
