Funding Will Help Medable Accelerate Drug Development Through Decentralized Clinical Trials
PALO ALTO, Calif., October 26, 2021--(BUSINESS WIRE)--Medable Inc., the leading cloud platform for patient-centered clinical research, today announced $304 million in Series D funding to accelerate global adoption of digital and decentralized clinical trials, enabling ubiquitous access to the latest treatments for every body and every biology. The funding round was co-led by new investors Blackstone Growth and Tiger Global and existing investor GSR Ventures. The round also includes follow-on investment from existing investors Sapphire Ventures and WTI.
This is Medable’s fourth round of funding in 18 months, bringing total capital raised to $521 million. The new round brings Medable’s valuation to $2.1 billion, validating the company’s fast growth and market presence as the leader in an industry shift to decentralized clinical trials. Medable is focused on using digital technologies to make clinical trials accessible for everyone everywhere, bringing effective therapies to patients faster.
Medable has now deployed its software-as-a-service (SaaS) platform via more than 150 decentralized and hybrid clinical trials in 60 countries, serving more than one million patients and research participants globally. By minimizing the need for in-person site visits, Medable customers have achieved unprecedented results – including 200 percent faster enrollment, 90 percent retention rates, and 50 percent cost reductions. Medable was recently named a Leader with top scores in Everest Group’s "Decentralized Clinical Trial Products PEAK Matrix®" assessment.
"Decentralized 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," said Dr. Michelle Longmire, CEO and co-founder of Medable. "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."
"Medable is at the forefront of a significant paradigm shift in how clinical research is conducted, which is improving access to clinical trials for populations around the globe," said Ram Jagannath, Global Head of Healthcare for Blackstone Growth and Tactical Opportunities. "We’re thrilled to partner with Medable to support continued technology advancements and expansion of this high-growth business."
"Medable’s unwavering commitment to patient-centric design, cutting-edge innovation, and exceptional product quality has firmly established the company as the leader in decentralized clinical trial technology," said Dr. Sunny Kumar, partner at GSR Ventures. "We are delighted to continue partnering with Michelle and her team in their journey to bring critical new therapies to patients faster than ever before possible."
"This is a transformative opportunity for the life sciences industry," said Jeff Kindler, former Chairman and CEO of Pfizer, current CEO of Centrexion Therapeutics, and senior advisor at Blackstone. "Slow and expensive clinical trials are a major bottleneck in drug development. By investing in the right technology and process improvements, we can make major strides in getting more treatments to patients faster, while still ensuring safety and efficacy."
Medable will use the funding to help pharma, biotech and clinical research customers accelerate development of new medicines with transformative life science technologies. Medable will focus on improving access to clinical trials worldwide, and will make continued investments in remote patient technologies and tools that enable sites to lead decentralized research with best-in-class technologies for patient care and research. Medable will also expand its global operations and deepen investments in its SaaS technology platform and partner ecosystem.
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About GSR Ventures
Founded in 2004, GSR Ventures is one of the world’s most successful early-stage venture firms, with over $3 billion under management. We are focused on early-stage digital health companies that leverage emerging technology to transform the healthcare landscape. The GSR team includes founders, physicians, industry veterans and enterprise executives with unmatched expertise. For more information, visit www.gsrventures.com.
About Tiger Global
Tiger Global Management, LLC is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and payments industries. The firm's private equity strategy was launched in 2003 and has invested in hundreds of companies across more than 30 countries, in all stages of funding – from Series A to pre-IPO. The venture business aims to partner with dynamic entrepreneurs operating market-leading growth companies; examples include JD.com, Meituan, Facebook, LinkedIn, Spotify, Peloton, Credit Karma, Toast, Stripe, ByteDance, Stone, Warby Parker, Flipkart, Despegar, Ola and DiDi. Tiger Global was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Beijing, Singapore and Bangalore.
Medable is on a mission to get effective therapies to patients faster by transforming clinical drug development with disruptive technologies. The company’s digital platform streamlines design, recruitment, retention and data quality for decentralized trials, replacing siloed systems with integrated digital tools, data and interfaces to accelerate trial execution. Medable connects patients, sites and clinical trial teams to improve patient access, experience, and outcomes. Medable is a privately held, venture-backed company headquartered in Palo Alto, California.
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