#USA #Boston #PhaseV #Series A Funding #AI Clinical Trials

PhaseV Secures $50M in Series A Funding

PhaseV, a prominent player in AI and machine learning for clinical development, has announced the successful completion of a $50 million Series A funding round. This funding will significantly strengthen its position in the market and accelerate the evolution of its innovative vertical AI platform designed specifically for clinical development.

Co-led by esteemed investment firms Accel and Insight Partners, the funding round also saw participation from established investors like Viola Ventures, EXOR, and LionBird. With this new capital injection, PhaseV's total funding has reached $65 million, fueling its ambition to reshape clinical trial processes globally.

Pharmaceutical companies are grappling with increasingly complex demands to deliver quicker results at reduced costs. Traditional methodologies for conducting clinical trials are straining to keep pace with these expectations, leading to delays and inefficiencies. Raviv Pryluk, CEO and Co-Founder of PhaseV, emphasized the urgency of this transformation: "We aim to support pharmaceutical firms, biotech organizations, and CROs in harnessing AI and machine learning to initiate a new era in clinical development."

PhaseV's vertical AI platform encompasses a comprehensive set of tools that streamline clinical trial design, execution, and analysis. This includes features such as optimizing trial parameters and employing advanced methods like Bayesian and adaptive trials. The platform's capabilities are tailored to enhance the success rates of trials, mitigate costs, and speed up the time it takes to bring new therapies to market.

In its relatively short existence, PhaseV has garnered trust from over 30 leading global pharmaceutical companies, leveraging its platform across more than 20 therapeutic areas such as neurology, oncology, and rare diseases. With a robust data lake that compiles high-quality patient data, clinical evidence, and peer-reviewed research, PhaseV’s solutions have successfully demonstrated cost reductions of up to 50%, shortened trial durations by 40%, and improved success rates by more than 30%.

A notable case involved assisting a major global pharmaceutical company in expediting the time-to-market for a new treatment by an impressive 15 months. Such achievements illustrate the platform's efficacy and how it can make a significant impact in clinical development.

Matt Robinson, Partner at Accel, highlighted the potential of PhaseV as a trailblazer in AI-driven clinical development. He remarked, "The market's need for such technology is evident given PhaseV's partnerships with some of the largest pharmaceutical firms worldwide. We're excited to support them on their mission to change the landscape of clinical trials."

The platform's core applications include:

• - Trial Optimizer: Facilitates trial design while ensuring optimal implementation of varied trial methods.
• - Causal ML: Enhances data analysis by revealing hidden insights and identifying patient subpopulations with the highest chances of benefit from trials.
• - Causal Disease Modeling: Informs strategic research and development as well as lifecycle management decisions.
• - Clinical Operations: Focuses on site selection and analytics, combining real-time trial monitoring for efficient execution.

Collaboration with companies like EMD Serono showcases PhaseV’s practical impact on trial success through innovative application of its technology. "Their expertise provided us with valuable insights, enabling us to identify subpopulations that would have otherwise gone undetected," stated Stu Bailey, a senior executive at the company.

As clinical trials evolve with increasing complexity, maintaining accuracy becomes more crucial. Dylan Morris from Insight Partners asserted that PhaseV’s innovations promise a new level of precision in clinical development. "The funding we provide signifies our confidence in PhaseV's potential to redefine trial design and accelerate the drug approval process," he said.

PhaseV aims to expand its capabilities further, embarking on the next phase of development with high ambitions to broaden its influence in the healthcare landscape. Interested parties can learn more at PhaseVTrials.com and follow their updates on LinkedIn.

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