The Series D round valued Medable at $2.1 billion.

Medable Inc, a cloud-based platform that facilitates rapid, decentralized clinical trials, announced its $304 million Series D raise at a valuation of $2.1 billion. The round was co-led by new investors Blackstone Growth and Tiger Global and existing investor GSR Ventures and included follow-on investment from existing investors Sapphire Ventures and WTI. (BusinessWire)

The pandemic catalyzed an industry shift to decentralized clinical trials, and Medable’s cloud based technology and platform makes trials available to everyone, everywhere. The company therefore quickly achieved market leadership and appreciating this, investors were happy to shell out for four rounds within the past 18 months.

Medable has now raised a total capital of $521 million.

Medable clinical trials

The company’s SaaS offering for clinical trials has been used in more than 150 decentralized and hybrid clinical trials in 60 countries, and served more than one million patients and research participants globally.

“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.”

So successful has the model been that trials have achieved 200% faster enrollment, 90% retention rates, and 50% cost reductions, while minimizing site visits.

“Slow and expensive clinical trials are a major bottleneck in drug development,” said Jeff Kindler, former Chairman and CEO of Pfizer, current CEO of Centrexion Therapeutics, and senior advisor at Blackstone. “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.”

Use of funds

Medable intends to invest in remote patient technologies and its SaaS technology platform, as well as expand its global operations.

“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,” added Kindler.

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