Lokavant has secured funding of $8m in a Series A extension round from global investment company Mitsui for expanding its AI clinical trial intelligence platform across the Asia-Pacific (APAC) region.
Through this strategic investment from Mitsui, Lokavant is also set to establish a new headquarters for the APAC region in Tokyo, Japan.
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The headquarters will function as a hub for supporting customers and operations in the region.
Prior investors including Edison Partners and Roivant Sciences also took part in the funding round.
To date, Lokavant has raised $29m in funding to develop its intelligence technology for various uses, ranging from trial subject diversity modelling to feasibility strategies for trial sites.
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Pharmaceutical companies can improve the precision of trial planning and execution by leveraging the platform and analytical applications of Lokavant.
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By GlobalDataThe company recently introduced a study planning solution to streamline trials.
Its Clinical Trial Intelligence Platform offers predictive analytics for sponsors and contract research organisations (CROs) in a continuous feedback cycle.
This approach can enhance the precision of subject enrolment prediction by up to 70 times.
The platform also helps save more than $1m in expenditures associated with participant retention and cutting down the time spent identifying trial site noncompliance problems by six months.
Lokavant CEO and co-founder Rohit Nambisan said: “Lokavant’s platform has driven significant value to pharmaceutical sponsors and CROs on global clinical trials and, with exceptional validation of the platform in Japan, it is a natural next step to launch Lokavant Asia.
“With a distinguished track record in international business and a rapidly growing reputation in life sciences innovation, Mitsui & Co is the ideal strategic partner for the creation of Lokavant AsiaPac.”
