Israeli AI-powered clinical trial design company QuantHealth today announced the completion of a $15 million Series A financing round co-led by Bertelsmann Investments and Pitango HealthTech, with participation from existing investors Shoni Top Ventures, Nina Capital, and Nova Capital. Previous investors include Boston Millennia Partners, Atooro Fund, and Renegade Ventures. This brings to $20 million the amount raised by QuantHealth to date.
QuantHealth bridges major gaps in the research needed to support clinical trials by simulating trials at scale, to expedite, de-risk, and optimize drug development. Armed with a proprietary AI technology trained on a massive dataset of 350 million patients, large biomedical knowledge-graphs, and clinical trial data, QuantHealth claims that its groundbreaking technology can predict trial outcomes with 86% accuracy. QuantHealth proudly supports several large pharma companies, numerous biotech companies, as well as CROs, and other industry partners.
QuantHealth cofounder and CEO Orr Inbar said, "According to a recent Deloitte article, ROI on pharma R&D has steadily declined, reaching 1.2% in 2022, the lowest the industry has seen in decades. This decline is happening at a time when the need for efficient drug development has never been greater. We firmly believe that deep AI solutions like ours will dramatically enhance the success of clinical trials, and pave the way towards better and cheaper therapies for patients around the world."
QuantHealth’s financing round follows the company announcing its expansion into the US market, and executive appointments including David Dornstreich as chief commercial officer and cofounder Arnon Horev as chief strategy and operations officer. The new funding will be used for commercial expansion, product development and expansion of the platform beyond clinical trials and into new use cases including regulatory support, and early R&D.
Published by Globes, Israel business news - en.globes.co.il - on August 30, 2023.
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