ConcertAI scores $150M, valuation skyrockets to nearly $2B
ConcertAI, a real-world data and artificial intelligence startup for healthcare providers and life science companies, scored $150 million in Series C funding from Sixth Street.
The round bumps the five-year-old company’s valuation to $1.9 billion. As part of the deal, Sixth Street’s managing director Adam Kaye will join ConcertAI’s board, and managing director Lee Mooney will serve as a board observer.
“The company has established transformational relationships with industry-leading biomedical innovators, medical societies, U.S. FDA, CROs [contract research organizations] and healthcare providers. Through highly focused execution and an ecosystem-centric approach, ConcertAI is poised to continue delivering for patients by speeding biomedical innovations with digital trial solutions and supporting precision medicine and AI-augmented decision support,” Vijay Mohan, one of Sixth Street’s founding partners said in a statement.
WHAT IT DOES
Formerly known as Concerto HealthAI, the startup offers healthcare data products for companies seeking or maintaining regulatory clearance, researchers building clinical trials and providers looking to improve patient experience and therapy adherence, with a focus on oncology.
ConcertAI is a part of SymphonyAI, a larger artificial intelligence company spanning other business sectors like retail and finance. It acquired imaging AI offering TeraRecon in 2020, which is now branded as a ConcertAI company.
“Our Series C represents another milestone in our emergence as the leader in accelerating biomedical innovations through AI SaaS [software-as-a-service] 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 statement.
“Our solutions now span the entire lifecycle of therapeutics with our data-as-a-service and AI SaaS solutions for biopharma through to our TeraRecon solutions for clinical decision support, confederating an ecosystem of leading biomedical innovators and healthcare providers – all in assurance of best possible clinical outcomes for patients.”
About two years ago, ConcertAI scooped up another $150 million in Series B funding.
The company has embarked on a number of partnerships with pharma companies. Around the same time as their Series B announcement, ConcertAI and Janssen Research & Development began their cancer-focused collaboration, and the companies expanded their focus last year to improve study design and diversify clinical trials.
ConcertAI has also worked with Pfizer and Bristol-Myers Squibb.
Outside the pharma space, it recently began a collaboration with lab-testing giant Labcorp to launch precision oncology studies focusing on patient clinical-trial access and retention. In June, the company announced a five-year research agreement with the FDA to study using real-world evidence in cancer treatment.