Lokavant will use the funds to scale its commercial teams and accelerate feature development for its platform, which provides intelligence for clinical trials from planning to execution. This data is augmented by a proprietary data set of more than 2,000 trials, as well as best-in-class third-party data, to generate predictive insights on trial operations and conduct.
As part of the transaction, Edison’s general partner, Gregg Michaelson, will join Lokavant’s board of directors.
Roivant Sciences, which develops transformative medicines and technologies by building agile, focused companies called ‘Vants,’ also participated in the investment round.
Clinical researchers access Lokavant’s platform via use-case-specific applications, with a product portfolio encompassing data-driven study planning, benchmarking, operational health assessments, risk detection, medical monitoring and vendor oversight, all incorporating Lokavant’s proprietary data set into planning and monitoring.
“Our collaboration with Edison Partners validates Lokavant’s mission to make clinical trials smarter using our proprietary data and industry-leading clinical trial intelligence platform,” Lokavant co-founder and CEO Rohit Nambisan said.
Lokavant was incubated by Roivant Health and piloted with numerous Roivant biotech “Vants” as customers. We’re excited to work with Edison to help support Lokavant in its next phase of growth,” Alex Gasner, executive vice president of Roivant Health, said. “At Roivant, we believe all clinical trial decisions, from study planning to execution, must be supported by high-quality, consistent data. This round of financing will support Lokavant’s mission to reduce the time and cost of drug development by using data in every aspect of clinical decision-making.”
“Edison Partners’ previous successes investing in real-world data and evidence platforms, along with our experience in pharmatech, led us to seek out a clinical trial solution that helps to improve outcomes, reduce cost and take patient satisfaction to the next level,” Michaelson said. “We believe Lokavant’s best-in-class product and data platform, combined with Edison’s investment and operating expertise, will result in a leading clinical trial intelligence business very quickly. It’s far more than just a first-mover advantage; it’s truly differentiated technology, along with Rohit’s strong leadership and domain expertise, that’s going to make Lokavant a winner.”