Total amount raised
$506.6 Millions
Latest funding date
10/1/2021
Location
Medable has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers a decentralized clinical trial platform designed to streamline and enhance the clinical research process.
Continue reading to delve into the details of Medable's funding journey and the investors who support this innovative platform.
What Is Medable?
Founded in 2015, Medable is headquartered in Palo Alto, California. The company was established by Fernando Waigandt, James Sas, Michelle Longmire, Perry Robinson, and Tim Smith.
Medable specializes in decentralized clinical trial software solutions, including electronic Clinical Outcome Assessment (eCOA) and eConsent. Their platform aims to simplify and accelerate clinical trials, providing high-quality data and a seamless, scalable solution.
With a workforce of 501-1000 employees, Medable's platform is utilized by leading biopharma sponsors and clinical research organizations worldwide, supporting trials in over 30 countries and 26 languages.
How Much Funding Has Medable Raised?
- Seed Round
- Amount Raised: $3.6M
- Date: December 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their decentralized clinical trial platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2015
- Lead Investors: Streamlined Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage operations and product development.
- Series A
- Amount Raised: Not publicly disclosed
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate platform development.
- Series B
- Amount Raised: $5M
- Date: February 2017
- Lead Investors: HealthX Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and scale operations.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: June 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and resources without equity dilution.
- Venture Round
- Amount Raised: $25M
- Date: May 2020
- Lead Investors: GSR Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet the growing demand for decentralized clinical trials during the COVID-19 pandemic.
- Series C
- Amount Raised: $91M
- Date: November 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand global reach.
- Series C
- Amount Raised: $78M
- Date: April 2021
- Lead Investors: Sapphire Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series D
- Amount Raised: $304M
- Date: October 2021
- Lead Investors: Blackstone Accelerates Growth, GSR Ventures
- Valuation at Round: $2.1 billion
- Motivation Behind the Round: To invest in remote patient technologies, expand global operations, and enhance the SaaS platform.
Total Amount Raised: $506.6M. Current Valuation: $2.1 billion.
Key Investors
- Blackstone Growth
- Details: Blackstone Growth is part of Blackstone, one of the world's leading investment firms with $731 billion in assets under management. They focus on growth-stage companies across various sectors.
- Investment Focus Areas: Private equity, real estate, life sciences, technology.
- Notable Investments: Bumble, Oatly, Ancestry.
- Tiger Global
- Details: Tiger Global is a global investment firm that focuses on private and public companies in the internet, software, consumer, and financial technology sectors. They have a strong presence in both early and growth-stage investments.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- GSR Ventures
- Details: GSR Ventures is a venture capital firm that invests primarily in early-stage technology companies. They have a significant focus on digital health and emerging technologies.
- Investment Focus Areas: Early-stage technology, digital health.
- Notable Investments: Didi Chuxing, Qunar, Ele.me.
- Sapphire Ventures
- Details: Sapphire Ventures partners with visionary teams and venture funds to build companies of consequence. They focus on growth-stage technology companies.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: 23andMe, Box, LinkedIn.
- Western Technology Investment (WTI)
- Details: WTI is a venture debt firm that provides capital to high-growth companies. They have a long history of supporting technology and life sciences companies.
- Investment Focus Areas: Venture debt, technology, life sciences.
- Notable Investments: Facebook, Google, YouTube.
What's Next for Medable?
Medable stands at the forefront of a rapidly growing market for decentralized clinical trials, with opportunities to expand its global operations and invest in remote patient technologies. The company’s recent $304 million funding round underscores the vast potential in this sector, which is projected to reach $11.5 billion by 2028. This growth is driven by the increasing adoption of digital tools and the need for more accessible clinical trials.
Future fundraising opportunities appear promising as Medable continues to innovate and scale its technology. The company’s strong performance and high demand for decentralized trials suggest that additional investment rounds could be on the horizon. However, Medable will need to navigate challenges such as regulatory compliance, competition, and maintaining patient engagement to sustain its growth trajectory.
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