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. As part of the transaction, Edison's General Partner, Gregg Michaelson, will join Lokavant's board of directors.
Roivant Sciences (Nasdaq: ROIV), which develops transformative medicines and technologies by building agile, focused companies called Vants, will also participate in the investment round. This fundraising round was concluded on the back of triple-digit growth in 2022, as pharmaceutical companies and their contract research organization partners seek new ways of expediting novel therapeutics development.
Lokavant has developed a clinical trial intelligence platform that enables the real-time integration and harmonization of all clinical trial data for study planning and operations. These data are augmented by a market-leading proprietary Lokavant 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.
Clinical researchers access the 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," said Lokavant CEO and co-founder, Rohit Nambisan. "Especially in today's challenging fundraising environment, this milestone is a testament to our platform's ability to address the significant issues present in planning and conducting complex global clinical trials. With significant growth in 2022, we are excited to expand our data ecosystem and accelerate our go-to-market strategy, partnering with best-in-class pharmaceutical and biotechnology organizations on their most pressing study planning and execution challenges."
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," said Alex Gasner, EVP of Roivant Health. "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. It became clear that the Lokavant solution would provide us with an opportunity to replicate that success," said Edison's General Partner, Gregg Michaelson. "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."