What Is Medable?
Founded in 2015, Medable is a Palo Alto-based app company that specializes in clinical trials research. The mission of the business is “to get effective therapies to patients faster.”
Medable offers a cloud-based end-to-end app platform that allows patients, clinical research organizations, healthcare providers, and pharmaceutical companies to work together on various clinical trials to radically accelerate the research process. The app streamlines decentralized clinical trials to improve patient access and experience as well as connect all teams and patients together.
According to the business, Medable has saved customers $25 million. In addition, the company claims it sees more than 3,000 patients per month globally. Furthermore, Medable is available in 40 languages in 60 countries.
Series C Extension
Medable announced yesterday the business raised an additional $78 million as an extension to a Series C financing round. This extension is the third funding round the business has gained in the last year. The app company previously raised $91 million in November when the Series C round began and $25 million last spring. Medable has now raised more than $217 million; however, a valuation for the business was not disclosed.
The Series C round was led by Sapphire Ventures and new investor, Obvious Ventures. Previous investors of the company also participated in the funding round.
Medable co-founder and CEO Michelle Longmire, M.D., said in an interview, “...We were not really raising money, but they [investors] saw the continued growth we were having and wanted to have another bite of the apple. It gives us wind in our sails to optimize at our full commercial potential.”
While many industries experienced rapid declines due to the COVID-19 pandemic, Medable experienced high demand and record growth as clinical trial research became extremely pertinent. According to the company’s press release, by minimizing in-person visits, enrollment was three times faster, and retention rates increased by 90%. In addition, the clinical trials and app business added 50 new clients that helped grow revenues 400%.
Furthermore, Medable participated in clinical trial research for COVID-19 vaccines and therapeutics. There are currently three COVID-19 vaccines available in the United States (US): Pfizer, Moderna, and Johnson & Johnson. The Johnson & Johnson vaccine has received a ton of media attention lately as blood clots have been reported as a possible side effect.
Tina Hoang-To, a partner at Obvious Ventures, said in a statement, “...Medable addresses every part of the clinical trial tech stack from patient recruitment to virtual visits to outcomes assessment – enabling customers to run trials anytime anywhere on a single platform.”
With the new capital, Medable plans to continue broadening the “adoption of digital trials and patient-centric strategies at a global scale.” The company has plans for a Series D funding round this fall.
Grand View Research published a report earlier this year stating that the global clinical trials market size was worth $44.3 billion in 2020 and is expected to grow at a CAGR of 5.7% from 2021 to 2028.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.