NEW YORK – ConcertAI said on Tuesday that it has raised $150 million in a Series C investment from investment firm Sixth Street, at $1.9 billion valuation.
ConcertAI said it will use the new funding to advance its software and data solutions for partner companies, including in the precision oncology space.
The Cambridge, Massachusetts-based firm is using a "system of evidence" approach to advance data and technologies in keeping with the shift toward digital and artificial intelligence-enabled solutions in clinical development. ConcertAI's offerings include an independent oncology research database with patient clinical, molecular, imaging, and medical claims data that it says is the largest such database in the industry.
The firm's clinical trial software solutions are designed to improve patient outcomes by generating real-world evidence that can inform publications, regulatory decisions, and clinical interpretation, according to ConcertAI CEO Jeff Elton.
The firm has over 45 customers and partners comprising companies and contract research organizations, and says that its software has supported about 40 new product launches and made clinical trial design and execution much more efficient. Oncology-focused biopharma companies Janssen and Bristol Myers Squibb are among these partners.
With the investment, Sixth Street Managing Director Adam Kaye will join ConcertAI's board of directors, and Sixth Street Managing Director Lee Mooney will join as a board observer.