Medable Secures $304 Million in Funding at $2.1 Billion Valuation; New Round Co-Led by Blackstone Growth, GSR Ventures, and Tiger Global
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 a leader in the 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 pharmaceutical, 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.