Real-world data (RWD) specialist ConcertAI has closed a $150 million Series C funding from the investment firm Sixth Street.
The Cambridge, Massachusetts–based startup has achieved a $1.9 billion valuation.
“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 news release.
ConcertAI specializes in analyzing clinical and genomic data as well as conducting RWD analyses for regulatory purposes to inform clinical trial design.
The company has extensive, independent, deep datasets linked to claims data.
The company has alliances with biopharma companies, including Janssen and Bristol Myers Squibb (BMS).
In September 2021, Janssen and ConcertAI deepened their partnership.
BMS was an early partner of ConcertAI. The company continues to make use of ConcertAI’s data-as-a-service and software-as-a-service technologies.
In June 2021, the company also announced that it was entering into a five-year collaborative research program with FDA to test the use of RWD for clinical and regulatory purposes.
Sixth Street Managing Director Adam Kaye will join ConcertAI’s board of directors, with Managing Director Lee Mooney joining as a board observer.
JP Morgan acted as the sole placement agent for ConcertAI.