Medable Raises $91M to Revolutionize Clinical Trial Management

Medable, a company specializing in clinical trial management software, has secured $91 million in a recent funding round. This investment comes as pharmaceutical and medical device firms face challenges in performing essential validation studies for new products amidst the ongoing pandemic.

The company reports that conducting clinical trials digitally and in a decentralized manner is increasingly vital, considering the health and safety protocols implemented in response to the COVID-19 pandemic. This situation is accelerating the adoption of platforms like Medable’s as organizations navigate the regulatory approval process, according to a company announcement.

Sapphire Ventures spearheaded Medable’s latest $91 million financing, with additional investment from current backers GSR Ventures, PPD, Inc., and Streamlined Ventures.

Medable’s software solution provides comprehensive management of key trial processes, including participant recruitment, remote screening, electronic informed consent, clinical outcomes assessment (eCOA), eSource data capture, telemedicine integration, and the use of connected medical devices, the company explained.

Currently, the platform is being utilized in the development of both vaccines and treatments aimed at combating COVID-19, as well as supporting the advancement of other potentially life-enhancing therapies and medical interventions.

“The pandemic has underscored the critical role of clinical drug development globally,” stated Dr. Michelle Longmire, CEO and co-founder of Medable. “Innovative technologies are needed to overcome significant obstacles and enhance patient access, experience, and results. This new capital will allow Medable to aggressively pursue advancements in clinical trial technology, ultimately benefiting patients worldwide.”

The service is currently supporting trials in over 60 nations, and Medable has established collaborations with organizations such as Datavant for integrating diverse data streams in decentralized trials; MRN for managing in-home and remote patient visits; and AliveCor for monitoring in-home health metrics using electrocardiograms.