Artifical intelligence (AI)-driven real-world evidence software-as-a-service provider ConcertAI announced today it has raised an additional $150 million from venture firm Sixth Street in a Series C investment round that values the company at $1.9 billion.
The company, founded five years ago has found success providing data services to biopharmaceutical companies, healthcare providers, regulators, and other organizations around the world.
“Our Series C represents another milestone in our emergence as the leader in accelerating biomedical innovations through AI SaaS clinical trial solutions and improved patient outcomes through the generation of real-world evidence for peer-review publications, regulatory decisions, and clinical interpretation,” said ConcertAI CEO Jeff Elton, in a press release.
As the use of real-world data (RWD) has accelerated over the past few years, so too has the growth of ConcertAI’s customer base. Over that time, the company has added more than 45 life sciences companies and contract research organizations (CROs) to its customer base including such high-fliers as Labcorp to support its clinical trials services; Janssen Research & Development to support several disease-specific areas of drug research; and with the U.S. Food and Drug Administration to study the application of RWD to derive real-world evidence (RWE) across a variety of clinical and regulatory use cases, among others.
In total ConcertAI has played a role in the more than 40 product launches and has improved time on therapy by 10% and reduced study design and projected clinical trial execution times by up to 25%.
The company uses what it calls a “system of evidence” approach, that advances data and technologies underpinning new models of clinical development, which have been driven by the pandemic to create fully digital and AI-enabled solutions. ConcertAI said in a press release that it has the industry’s largest, independent oncology research database and patient data composed of clinical, molecular, medical claims, and imaging data. The aim of the company is to break down the silos of information that have plagued healthcare and drug development by providing an RWE platform that provides retrospective and prospective uses of the data into a single system.
“ConcertAI is at the forefront of connecting healthcare and data to improve patient outcomes. Its vision and roadmap make it a leader in AI SaaS solutions for biomedical innovators and healthcare provider networks,” said Sixth Street Co-founding Partner Vijay Mohan in a press release announcing its investment. “The company has established transformational relationships with industry-leading biomedical innovators, medical societies, US FDA, CROs, and healthcare providers. Through highly focused execution and an ecosystem-centric approach, ConcertAI is poised to continue delivering for patients by speeding biomedical innovations with digital trial solutions and supporting precision medicine and AI-augmented decision support.”
In addition to its work with Janssen, ConcertAI also has an ongoing, multi-year research partnership with Bristol Myers Squibb (BMS), announced in March 2019, to apply RWE across BMS’s oncology programs.
“Bristol Myers Squibb is pleased to be one of the early partners of ConcertAI, utilizing their research data-as-a-service and software-as-a-service solutions deployed across multiple functions in our global enterprise,” said Marisa Co vice resident R&D Business Insights & Analytics. “Over the past two years, we’ve focused on novel clinical research solutions with the potential to accelerate the time from study initiation to regulatory decision, increasing our overall innovation capacity. This will allow us to reach more patients and accelerate life-changing cancer therapies to benefit patients globally.”