Digital clinical trial platform Medable landed a whopping $304 million in a Series D funding round led by Blackstone Growth, Tiger Global and GSR ventures. Sapphire Ventures and WTI also participated.

This news comes less than a year after the company announced a $78 million extension to its $91 million Series C funding round. The investment brings the company’s valuation to $2.1 billion, and its total raise to $521 million. 

WHAT IT DOES 

The Palo Alto, Calif.-based company is focused on decentralized clinical trials. Researchers are able to conduct remote screening, electronic consent, outcomes assessments and telemedicine visits.

The company now boasts deploying its system in more than 150 decentralized and hybrid clinical trials. 

WHAT IT’S FOR 

The company plans to use the new funds to help accelerate its decentralized clinical trials business, and in particular invest in remote patient monitoring technologies. Additionally, the company plans to build out its global operations and invest in its SaaS platform. 

“Decentralized trial technologies have been critical to drug development during the pandemic, providing global remote access and supporting COVID vaccine and therapeutic research at record speed,” Dr. Michelle Longmire, CEO and cofounder of Medable, said in a statement.

“Patients need the life sciences industry to continue innovating at this pace. By working at the intersection of speed, safety and science, we believe we can meaningfully reduce the barriers to drug development – and ultimately, enable more effective therapies for people all over the world.”

MARKET SNAPSHOT

Medable has competition when it comes to decentralized clinical trials platforms. TrialSpark, a health tech platform that lets providers become clinical trial sites, scored $156 million in Series C funding this fall in order to start developing its own molecular treatments. 

Additionally, Florence is also involved in the clinical trial space. The company, which makes software that supports clinical trial research through remote connectivity and electronic document management, landed $80 million in Series C funding in May. And Lightship, a decentralized clinical trial platform, scored $40 million in new funding earlier this month.