ConcertAI, a real-world knowledge and synthetic intelligence startup for healthcare suppliers and life science firms, scored $150 million in Collection C funding from Sixth Road.
The spherical bumps the five-year-old firm’s valuation to $1.9 billion. As a part of the deal, Sixth Road’s managing director Adam Kaye will be part of ConcertAI’s board, and managing director Lee Mooney will function a board observer.
“The corporate has established transformational relationships with industry-leading biomedical innovators, medical societies, U.S. FDA, CROs [contract research organizations] and healthcare suppliers. By extremely centered execution and an ecosystem-centric method, ConcertAI is poised to proceed delivering for sufferers by rushing biomedical improvements with digital trial options and supporting precision medication and AI-augmented resolution help,” Vijay Mohan, one in all Sixth Road’s founding companions stated in a press release.
WHAT IT DOES
Previously referred to as Concerto HealthAI, the startup affords healthcare knowledge merchandise for firms in search of or sustaining regulatory clearance, researchers constructing medical trials and suppliers trying to enhance affected person expertise and remedy adherence, with a concentrate on oncology.
ConcertAI is part of SymphonyAI, a bigger synthetic intelligence firm spanning different enterprise sectors like retail and finance. It acquired imaging AI providing TeraRecon in 2020, which is now branded as a ConcertAI firm.
“Our Collection C represents one other milestone in our emergence because the chief in accelerating biomedical improvements via AI SaaS [software-as-a-service] medical trial options and improved affected person outcomes via the era of real-world proof for peer-review publications, regulatory choices and medical interpretation,” stated ConcertAI CEO Jeff Elton in a press release.
“Our options now span the whole lifecycle of therapeutics with our data-as-a-service and AI SaaS options for biopharma via to our TeraRecon options for medical resolution help, confederating an ecosystem of main biomedical innovators and healthcare suppliers – all in assurance of very best medical outcomes for sufferers.”
About two years in the past, ConcertAI scooped up one other $150 million in Collection B funding.
The corporate has launched into quite a lot of partnerships with pharma firms. Across the similar time as their Collection B announcement, ConcertAI and Janssen Analysis & Growth started their cancer-focused collaboration, and the businesses expanded their focus final yr to enhance research design and diversify medical trials.
Outdoors the pharma house, it lately started a collaboration with lab-testing big Labcorp to launch precision oncology research specializing in affected person clinical-trial entry and retention. In June, the corporate introduced a five-year analysis settlement with the FDA to review utilizing real-world proof in most cancers therapy.