Medable plans to use the funding to help its clients accelerate drug development. Here are the top-line bullets you need to know.
Medable, a clinical trial software company, has raised $304M in an extended Series D. This round drew participation from Blackstone, Tiger Global Management, GSR Ventures, and Sapphire Ventures, among others.
How’s the company performing?
- California-based Medable’s cloud-based platform brings clinical trial teams, trial sites, and patients together to streamline the process and improve the experience for patients.
- Medable’s SaaS platform has helped support 150 hybrid clinical trials across 5K clinical sites in over 60 countries.
- The company caters to more than 1M research participants and patients globally.
- Some of Medable’s customers have reportedly experienced 200% increases in enrollment speed, 90% retention rates, and 50% cost reductions.
- The company has witnessed 800% growth in the last 18 months.
Source: Medable
Why does the market matter?
- The global clinical trials market is projected to grow at a CAGR of 5.7% and reach a value of $69.3B by 2028, according to Grand View Research.
- Increasing occurrences of chronic diseases, the need for personalized medication, accelerated technological evolution, and the globalization of clinical trials are some of the key factors contributing to the market’s growth.
- The pandemic highlighted the investment risk that clinical treatment patient unavailability poses. Moreover, the growing need to accelerate vaccine R&D efforts, access geographically diverse patient groups, and increase efficiencies have contributed to the growth of decentralized trials.
