Published: October 2023
On 24 October 2023, PhaseV, a pioneer in machine learning technology that optimizes clinical trial design and analysis, announced that the company has raised $15 million in funding from Viola Ventures, Exor Ventures, LionBird and a group of prominent angel investors. PhaseV plans to use the proceeds in expansion its offerings and global reach.
PhaseV leverages its proprietary machine learning technology for retrospectively analyzing and optimally designing clinical trials, as well as adapting in real-time throughout the trial. This machine learning driven adaptive process is likely to significantly accelerate the clinical drug development process, resulting in more efficient, targeted, and ultimately more successful clinical trials. PhaseV plans to advance paradigm shifts in the clinical trial world in order to bring new treatments to more patients, in a more precise and efficient way.
According to Roots Analysis, the clinical trial design market is estimated to be worth $441 million in 2021 and is expected to grow at CAGR of 8% during the forecast period.
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