QuantHealth has secured a strategic investment from Accenture Ventures to expedite the use of AI-powered clinical trial simulations for driving cost-effective drug development.
This funding, along with contributions from an undisclosed contract research organisation and other investors, brings QuantHealth’s total Series A round to $17m.
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The investment will help QuantHealth in advancing its platform designed to simulate clinical trials in the cloud to help pharmaceutical and biotech companies develop treatments for patients quickly.
QuantHealth said its platform, which features AI technology, is trained on an extensive dataset of 350 million patients, biomedical knowledge graphs and study data.
The platform is expected to offer an 86% accuracy rate in predicting trial outcomes using the binary endpoint metric.
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Accenture Ventures global lead Tom Lounibos said: “QuantHealth’s clinical trial simulation platform can fast-track clinical trials and help pharmaceutical and biotech companies bring life-saving treatments to patients.
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By GlobalData“In addition to accelerating and enhancing global drug discovery efforts, we will work alongside QuantHealth, our clients and ecosystem partners to expand medicine and treatment options and find new opportunities to bolster patient care.”
The AI platform aims to predict clinical trials’ efficacy and safety to optimise trial design.
In August 2023, the company’s Series A funding round, initially at $15m, was co-led by Bertelsmann Investments and Pitango HealthTech. The round also saw participation from existing investors Shoni Top Ventures and Nina Capital.
QuantHealth co-founder and CEO Orr Inbar said: “Clinical trials are a costly and uncertain process, where the R&D cost of a new drug can be upwards of $1bn.
“QuantHealth has created a solution that uses AI to transform how pharmaceutical companies approach their clinical trials. We are able to seamlessly integrate data and cloud technology into the clinical trial process, not only saving time and money for pharmaceutical companies but also increasing the chance of success in drug development.”
