Wed. Mar 29th, 2023

Healthcare-focused AI and data startup ConcertAI bags $150M in Series C funding

ConcertAI LLC, a provider of real-world data and artificial intelligence services for the healthcare and life sciences industries, reached unicorn status today.

The company closed on a $150 million Series C round of funding led by Sixth Street that brings its valuation to $1.9 billion.

Previously known as Concerto HealthAI, the company sells healthcare data and AI products for providers that are seeking, or looking to maintain, regulatory clearance. Its customers also include researchers building clinical trials and healthcare firms that are looking to improve patient experiences and therapy adherence, with a focus on oncology.

ConcertAI is a part of SymphonyAI LLC, which is a larger AI firm that operates in the retail and finance sectors, among others.

ConcertAI Chief Executive Jeff Elton said the company has emerged as a leader in accelerating biomedical innovation. He said the company’s AI-powered software-as-a-service clinical trial solutions deliver improved patient outcomes. It does so, he added, through the generation of real-world evidence that can aid peer-review publications, clinical interpretation and regulatory decision-making.

“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,” Elton said.

Over the past 36 months, ConcertAI said, it has expanded its customer base and partnerships to more than 45 companies and organizations in the life sciences and contract research space. It claims to have supported more than 40 new product launches, improved times on therapy by 10%, and reduced times for study design and projected clinical trial execution times by up to 25%.

One of ConcertAI’s biggest partners is Janssen Global Services, LLC, the parent company of Jansesen Pharmaceuticals. They partnered on a cancer-focused collaboration starting in early 2020 and have since expanded to improve their study design and diversify clinical trials. Other partners include the drug giant Pfizer Inc. and biopharma firm Bristol-Myers Squibb Co.

Outside the pharma market, ConcertAI is collaborating with the lab testing giant Laboratory Corp. of America Holdings, better known as Labcorp, on precision oncology studies with a focus on improving patient clinical trial access and retention. Last year, ConcertAI also announced a five-year research agreement with the U.S. Food & Drug Administration to study new cancer treatments.

What with so many partnerships, it’s not surprising that ConcertAI Executive Chairman Romesh Wadhwani believes his company is now the enterprise AI and real-world data leader in the life sciences and healthcare industries.

“The strong ConcertAI leadership team and 1,000 employees and their combined depth of subject matter expertise make ConcertAI’s future look very bright,” Wadhwani said. “This Series C investment by Sixth Street focuses on the intersection of healthcare and technology and provides additional validation of the strength of our customer base, strategy and performance.”

Image: onlyyouqj/Freepik

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