Investment will transform the clinical research
industry for smarter and faster trials
PRINCETON, N.J. and NEW YORK, Dec. 7, 2022
/PRNewswire/ -- Edison Partners, a leading growth equity investment
firm, today announced it is leading a $21
million investment round in Lokavant, the leading clinical
trial intelligence company.
Lokavant will use the funds to scale its commercial teams, and
accelerate feature development for its platform, which provides
intelligence for clinical trials from planning to execution. As
part of the transaction, Edison's General Partner, Gregg Michaelson, will join Lokavant's board of
directors.
Roivant Sciences (Nasdaq: ROIV), which develops transformative
medicines and technologies by building agile, focused companies
called Vants, will also participate in the investment round. This
fundraising round was concluded on the back of triple-digit growth
in 2022, as pharmaceutical companies and their contract research
organization partners seek new ways of expediting novel
therapeutics development.
Lokavant has developed a clinical trial intelligence platform
that enables the real-time integration and harmonization of all
clinical trial data for study planning and operations. These data
are augmented by a market-leading proprietary Lokavant data set of
more than 2,000 trials, as well as best-in-class third-party data,
to generate predictive insights on trial operations and
conduct.
Clinical researchers access the platform via use-case-specific
applications, with a product portfolio encompassing data-driven
study planning, benchmarking, operational health assessments, risk
detection, medical monitoring, and vendor oversight, all
incorporating Lokavant's proprietary data set into planning and
monitoring.
"Our collaboration with Edison Partners validates Lokavant's
mission to make clinical trials smarter using our proprietary data
and industry-leading Clinical Trial Intelligence Platform," said
Lokavant CEO and co-founder, Rohit
Nambisan. "Especially in today's challenging fundraising
environment, this milestone is a testament to our platform's
ability to address the significant issues present in planning and
conducting complex global clinical trials. With significant growth
in 2022, we are excited to expand our data ecosystem and accelerate
our go-to-market strategy, partnering with best-in-class
pharmaceutical and biotechnology organizations on their most
pressing study planning and execution challenges."
Lokavant was incubated by Roivant Health and piloted with
numerous Roivant biotech "Vants" as customers. "We're excited to
work with Edison to help support Lokavant in its next phase of
growth," said Alex Gasner, EVP of
Roivant Health. "At Roivant, we believe all clinical trial
decisions, from study planning to execution, must be supported by
high-quality, consistent data. This round of financing will support
Lokavant's mission to reduce the time and cost of drug development
by using data in every aspect of clinical decision-making."
"Edison Partners' previous successes investing in real-world
data and evidence platforms along with our experience in PharmaTech
led us to seek out a clinical trial solution that helps to improve
outcomes, reduce cost, and take patient satisfaction to the next
level. It became clear that the Lokavant solution would
provide us with an opportunity to replicate that success," said
Edison's General Partner, Gregg
Michaelson. "We believe Lokavant's best-in-class product and
data platform, combined with Edison's investment and operating
expertise, will result in a leading clinical trial intelligence
business very quickly. It's far more than just a first-mover
advantage; it's truly differentiated technology along with Rohit's
strong leadership and domain expertise that's going to make
Lokavant a winner."
About Edison Partners
Edison Partners is a leading
growth equity firm providing the financial and intellectual capital
that CEOs and their executive teams need to grow and scale their
companies. The firm's team brings more than 275 years of combined
investing, operating and sector experience to each investment,
accessible via the Edison
Edge value creation platform, which is tailored to each
business' strategy, stage and operating needs. Edison targets
high-growth financial technology, healthcare IT and vertical SaaS
and marketplace companies located outside Silicon Valley with
$10 million to $30 million in revenue. Investments also include
buyouts, recapitalizations, spinouts, and secondary stock
purchases. Edison's active portfolio has created aggregated market
value exceeding $10 billion. Edison
Partners manages $1.6 billion in
assets as of September 30, 2022. For
more information on Edison Partners, please
visit edisonpartners.com and follow on LinkedIn.
About Lokavant
Lokavant is a clinical intelligence
platform that improves the time, cost, and quality of trial
planning and execution through data-driven analytics applications.
Lokavant's platform aggregates and integrates real-time data from
disparate trial data sources, and powers advanced analytics enabled
by its compendium of proprietary trial data. The suite of
applications built on the platform allows study teams to
proactively plan and manage their studies and surface insights,
driving efficiencies in all scientific and operational use cases.
Email contact@lokavant.com to learn more or visit
www.lokavant.com.
About Roivant
Roivant's mission is to improve the
delivery of healthcare to patients by treating every inefficiency
as an opportunity. Roivant develops transformative medicines faster
by building technologies and developing talent in creative ways,
leveraging the Roivant platform to launch Vants – nimble and
focused bio-pharmaceutical and health technology companies. For
more information, please visit www.roivant.com.
Media Contact:
Katie Morales
Bospar for Edison Partners
prforedison@bospar.com
Media Contact:
press@lokavant.com
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SOURCE Lokavant