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Medable Valuation, Funding & Investors
Medable is valued at $2.1B as of October 2021.
Last Medable valuation
$2.1B
Series D · Oct 2021
Last Medable funding round
$304M
Series D · Oct 2021
Cumulative funding Medable raised
$507M
across 6 funding rounds
Key investors in Medable
GSR Ventures
Sapphire Ventures
Thermo Fisher Scientific (PPD clinical research unit)
Streamlined
Blackstone
Western Technology Investment
About Medable
Medable is a Palo Alto-based clinical research company offering a cloud platform for digital and decentralized clinical trials. Its software connects patients, trial sites, and clinical trial teams to support trial design, recruitment, retention, and data quality, with modules covering remote screening, electronic consent, outcomes assessment, and telemedicine. The platform has been used across more than 150 trials in over 60 countries, serving pharmaceutical, biotech, and research organizations.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$2.1B (Oct 2021)
Sectors
Medable Valuation
Medable is currently valued at $2.1B, based on its Series D in October 2021.
The $304M round was led by Blackstone and GSR Ventures, with participation from Launchpad Digital Health, Sapphire Ventures and Western Technology Investment.
Medable valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2021 | Series D | $2.1B |
Medable Funding History
Medable has raised a total of $507M across 6 funding rounds.
Medable's first fundraising round was a $4M seed round in December 2015. The most recent completed round was a $304M Series D in October 2021.
Medable funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2021 | Series D | Blackstone (lead); GSR Ventures (lead); Launchpad Digital Health; Sapphire Ventures; Western Technology Investment | $304M | $2.1B | Medable is a patient-focused clinical research company offering a cloud-based platform for digital and decentralized clinical trials. The company's software-as-a-service connects patients, trial sites, and clinical trial teams to streamline the design, recruitment, retention, and data quality of trials in a way that makes them accessible to anyone anywhere. In October 2021, Medable announced a Series D funding round of $304 million at a $2.1 billion post-money valuation, co-led by new investors Blackstone Growth and Tiger Global alongside existing investor GSR Ventures. The round also included follow-on investment from existing investors Sapphire Ventures and WTI. This Series D round brought Medable's total funding to $521 million, which included a $78 million Series C extension in April 2021, a $91 million round in November 2020, and a $25 million venture round in May 2020. According to GSR Ventures partner Dr. Sunny Kumar, part of Medable's success was driven by the global pandemic, as the firm had invested in the company starting in 2020 and believed decentralization would be the future of clinical trials, a thesis that was accelerated by COVID-19 adoption. |
| Apr 2021 | Series C | Sapphire Ventures (lead); Streamlined; Obvious Ventures; GSR Ventures; Thermo Fisher Scientific (PPD clinical research unit) | $78M | - | Medable is a Palo Alto-based healthtech company providing a SaaS platform for decentralized and digital clinical trials, streamlining design, recruitment, retention, and data quality to connect patients, sites, and trial teams for improved access and outcomes. The April 2021 round was a $78 million Series C extension led by Sapphire Ventures, with participation from new investor Obvious Ventures and existing investors GSR Ventures, PPD (Thermo Fisher Scientific's clinical research unit), and Streamlined Ventures, bringing total funding raised to over $136 million at that time, later updated to $217 million including prior rounds. This followed a $91 million Series C in November 2020 and supported scaling operations, global expansion, and product enhancements amid rising demand for remote trial technologies during COVID-19. The company reported strong commercial growth of 400 percent in revenue since its initial Series C, driven by pandemic-related demand, alongside launching five new products, onboarding over 50 new clients, and achieving over 90 percent customer retention. By October 2021, Medable raised a $304 million Series D at a $2.1 billion post-money valuation co-led by Blackstone Growth, GSR Ventures, and Tiger Global, with follow-on from Sapphire Ventures and others, bringing total funding to $521 million and validating its leadership in decentralized trials deployed across 150+ trials in 60 countries serving over one million patients. Medable's platform has enabled customers to achieve 200 percent faster enrollment, 90 percent retention rates, and 50 percent cost reductions by minimizing in-person visits. Prior investors also included HealthX Ventures and Launchpad Digital Health. The October round funded further investments in remote patient technologies, global operations, SaaS platform deepening, and partner ecosystem expansion to accelerate medicine development for pharma, biotech, and research organizations. |
| Nov 2020 | Series C | ACVC Partners; Streamlined; GSR Ventures; Sapphire Ventures; Thermo Fisher Scientific (PPD clinical research unit) | $91M | - | Medable is a Palo Alto-based global platform for decentralized clinical trials, providing a flexible, modular software solution that enables patient-centric research strategies including recruitment, remote screening, electronic consent, clinical outcomes assessment (eCOA), eSource, telemedicine, and connected devices. The platform supports registrational trials across therapeutic areas in over 60 countries and more than 40 languages, helping life sciences companies shift from clinic-centric to digital and decentralized models, particularly accelerated by the COVID-19 pandemic. On November 19, 2020, Medable raised $91 million in a Series C funding round led by Sapphire Ventures, with participation from existing investors GSR Ventures, PPD Inc. (Thermo Fisher Scientific's clinical research unit), and Streamlined Ventures. This round brought the company's total capital raised to over $136 million since its founding in 2015, following a $25 million round earlier in May 2020. The funding aims to accelerate the industry's adoption of digital and decentralized clinical trials, support new technologies for better patient access and outcomes, and expand capabilities for capturing high-quality data through connected devices. Medable experienced strong traction in 2020, with revenues growing by more than 500% as clinical trial leaders adopted its platform amid pandemic disruptions that halted traditional site-based trials. The company facilitated the continuation of ongoing research remotely and accelerated COVID-19 vaccine and therapeutic development, partnering with organizations like Datavant, PPD, and Covance. The investment reflects a broader industry shift toward virtual and siteless trial models recommended by regulators during the crisis, positioning Medable against competitors like Science 37. CEO Michelle Longmire highlighted the pandemic's role in driving adoption of digital health technologies that Medable pioneered, with expectations that decentralized approaches would persist post-pandemic. |
| May 2020 | Undisclosed stage | GSR Ventures (lead); Connectivity Ventures Fund; Thermo Fisher Scientific (PPD clinical research unit) | $25M | - | Medable is a Palo Alto-based clinical trials company founded in 2015 that provides a cloud-based SaaS platform for digital and decentralized clinical trials, connecting patients, trial sites, and teams to streamline design, recruitment, retention, data collection, and improve patient access and outcomes. The $25 million funding round in May 2020 was led by GSR Ventures with participation from existing investor PPD (Thermo Fisher Scientific's clinical research unit), bringing total capital raised to over $45 million including a prior $5 million round in 2017. The funding came amid rising demand for virtual trial models during the COVID-19 pandemic, which disrupted traditional site-based trials, positioning Medable to help CROs like PPD and Covance navigate challenges with its siteless approach. Medable continued rapid growth post-2020, raising additional capital including a $78 million Series C extension in April 2021, reaching over $521 million total funding by late 2021 to scale globally, enhance technology, and expand its partner ecosystem in the digital health space. |
| Feb 2017 | Series B | HealthX Ventures (lead) | $5M | - | Medable raised $5 million in a Series B funding round in February 2017 led by HealthX Ventures. The capital was intended to further develop and scale Medable's platform and expand its market reach. This followed earlier funding and preceded a $25 million round in 2020 led by GSR Ventures. Medable, founded in 2015 and based in Palo Alto, California, provides a decentralized clinical trial platform to streamline design, recruitment, retention, and data collection. The SaaS platform connects patients, sites, and clinical trial teams to improve access, experience, and outcomes using integrated digital tools. By later years, Medable deployed its platform in over 150 trials across 60 countries, serving more than one million patients with results including 200% faster enrollment and 50% cost reductions. |
| Dec 2015 | Seed | - | $4M | - | - |
Who has invested in Medable?
11 investors have backed Medable across its funding rounds, including GSR Ventures, Sapphire Ventures, Thermo Fisher Scientific (PPD clinical research unit), Streamlined, Blackstone and Western Technology Investment.
Lead investors include Blackstone, GSR Ventures, Sapphire Ventures and HealthX Ventures.
Medable Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | May 2020 | ||
| 3 | Lead | Nov 2020 | ||
| 3 | Participant | May 2020 | ||
| 2 | Participant | Nov 2020 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Apr 2021 | ||
| 1 | Lead | Feb 2017 | ||
| 1 | Lead | Oct 2021 | ||
| 1 | Participant | May 2020 | ||
This data is available for Pro users. Sign up to see all 11 Medable investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Medable
Medable has acquired 1 company to date.
Last acquisition by Medable was on February 2nd 2022. Medable acquired Omhu for undisclosed valuation.
Latest Acquisitions by Medable
| Description | Omhu builds digital tools for skin condition management, including the Imagine app for patient photo documentation and progress sharing with dermatologists. Copenhagen-based since 2020, it aids diagnosis of eczema and psoriasis for clinics in Europe. |
| HQ Country | |
| HQ City | Copenhagen |
| Deal Date | 2 Feb 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Medable acquisitions and their M&A valuation multiples. Start Free Trial | |
Medable Competitors
Medable competitors include listed companies like GemPharmatech, Oxford Nanopore Technologies, Generate Biomedicines and Suzhou Sepax Technologies, and private ones like BGI Group and Aragen Life Sciences.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $118M | $37M | $2.1B | 14.7x | ||
| Publicly listed | $301M | ($133M) | $2.1B | 5.7x | ||
| Publicly listed | $32M | ($222M) | $2.2B | 59.4x | ||
| Publicly listed | $60M | $22M | $1.9B | 24.0x | ||
| Private | - | - | $1.6B | - | ||
| Private | $179M | $48M | $1.4B | 7.8x |
Medable Public Comps
Medable is still privately-owned, but its public comps include GemPharmatech, Oxford Nanopore Technologies, Generate Biomedicines, Suzhou Sepax Technologies, Bloomage BioTechnology, Personalis, Vazyme Biotech, Syngene, Absci and Sansure Biotech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $118M | $37M | 16.8x | 14.7x | 53.8x | 42.5x | |||
| $301M | ($133M) | 6.4x | 5.7x | (14.5x) | (26.0x) | |||
| $32M | ($222M) | 56.4x | 59.4x | (8.1x) | (7.2x) | |||
| $60M | $22M | 31.1x | 24.0x | 83.6x | - | |||
| $626M | $103M | 3.8x | 4.1x | 22.9x | 23.1x | |||
| $70M | ($78M) | 22.4x | 20.1x | (19.9x) | (15.7x) | |||
| $205M | $18M | 6.6x | 6.0x | 76.5x | 35.0x | |||
| $376M | $88M | 4.0x | 3.9x | 17.1x | 15.5x | |||
This data is available for Pro users. Sign up to see all Medable competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Medable
| When was Medable founded? | Medable was founded in 2015. |
| Where is Medable headquartered? | Medable is headquartered in United States. |
| Is Medable publicly listed? | No, Medable is a private, VC-backed company. |
| What is Medable's valuation? | Medable was last valued at $2.1B in its Series D in October 2021. |
| How much funding has Medable raised? | Medable has raised $507M across 6 funding rounds. |
| What was Medable's last funding round? | Medable's last funding round was a $304M Series D in October 2021, led by Blackstone and GSR Ventures. |
| Who are Medable's investors? | Medable's investors include GSR Ventures, Sapphire Ventures, Thermo Fisher Scientific (PPD clinical research unit), Streamlined, ACVC Partners, Obvious Ventures, HealthX Ventures, Blackstone, Connectivity Ventures Fund, Launchpad Digital Health and 1 other. |
| Which companies are comparable to Medable? | Companies comparable to Medable include GemPharmatech, Oxford Nanopore Technologies, Generate Biomedicines, Suzhou Sepax Technologies, BGI Group and Aragen Life Sciences. |
| How many companies has Medable acquired? | Medable has acquired 1 company, including Omhu. |
See companies similar to Medable
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