A $150 million Series C funding round fueled by global investment firm Sixth Street has lifted Boston-based Concert AI’s valuation to $1.9 billion. The company now has additional resources to back further scaling of its cancer research software and real-world data (RWD) solutions. The COVID-19 pandemic and its resultant treatment pipelines accelerated the healthcare industry’s reliance on rapid data sharing while also shedding light on the usefulness of RWD tools for population health considerations.
In improving clinical research efforts with its data solutions and proprietary software-as-a-service, eurekaHealth, Concert AI serves more than 45 life sciences and healthcare companies, medical societies, contract research organizations, and regulators in the U.S., Europe, and Japan. Janssen and Bristol Myers Squibb are counted among its many high-profile oncology biopharma product partners. The FDA is also a noted collaborator; last June, the agency leveraged ConcertAI’s AI and RWD solutions to investigate the use of real-world evidence for cancer therapeutic development.
Attached to the new investment is the addition of two Sixth Street Managing Directors, Adam Kaye and Lee Money, to the Concert AI team as a board of directors member and board observer, respectively. The company’s most recent capital raise preceding this funding round was a same-sum Series B at the beginning of 2020.