Medable Inc. today announced $78 million in new funding to fuel advances in the delivery of digital and decentralized clinical trials, accelerating the industry’s shift to patient-centered drug development. The funding was led by Sapphire Ventures, along with new investor Obvious Ventures and follow-on investment from existing investors GSR Ventures, PPD, Inc. (Nasdaq:PPD) and Streamlined Ventures.
This is Medable’s third round of funding in less than a year, bringing total capital raised to more than $217 million. Medable will use the funding to continue enabling broad adoption of digital trials and patient-centric strategies at global scale. Key focus areas include internal initiatives related to ubiquitous research access, patient data fluidity, and intelligent monitoring of patients and clinical trial data, all designed to further Medable’s mission of enabling effective therapies to reach patients faster.
Medable experienced record growth in 2020 as the COVID-19 pandemic drove demand for remote clinical trial technologies. By minimizing the need for in-person site visits, Medable customers have achieved unprecedented results – including 3X faster enrollment and over 90 percent retention rates. Medable launched five new products and onboarded more than 50 new clients during the year, growing revenues by more than 400 percent – while expanding its ecosystem to accelerate digital and decentralized clinical trial adoption.