The funding will be used to quadruple its team by Q1'22. Here are the top-line bullets you need to know.
Mendel.ai, an AI-enabled clinical technology platform, has raised $18M in a Series A round with participation from DCM, Millennium Technology Value Partners, BootstrapLabs, and Mark Goldstein, among others.
HOW’S THE COMPANY PERFORMING?
- California-backed Mendel provides an AI-enabled platform that automates clinical data abstraction. The company’s customers include real-world data (RWD) and real-world evidence (RWE) providers, pharma and life science companies, and research organizations.
- Mendel has analyzed over 1B patient records and has more than 50 employees.
- The company say it has a 100% customer conversion rate from its pilot program to its multi-year agreements and that it has seen a 15x revenue increase since its commercial release last year.
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.
- The use of AI in healthcare is helping bring drugs to market faster by identifying accurate patients for clinical trials.