The clinical trial management software developer Medable has raised $91 million in a new round of financing as life sciences companies struggle with how to conduct the necessary validation studies of new drugs and devices in a pandemically challenged environment.
Digital and decentralized clinical trials are becoming a necessity, given the health and safety guidelines that have been adopted to respond to the COVID-19 pandemic, the company said. And those changes are driving a shift to services like Medable’s as companies move through the approval process, the company said in a statement.
The company’s new $91 million financing was led by Sapphire Ventures, with follow-on investment from existing investors GSR Ventures, PPD, Inc. and Streamlined Ventures.