March 29, 2022
Life Sciences and Healthcare Leader ConcertAI Raises $150 Million Series C from Sixth Street at $1.9 Billion Valuation
NEWS Press Release
ConcertAI SaaS and Data Solutions have Rapidly Emerged as the Industry Standard for Accelerating Clinical Trials and Patient Outcomes
Cambridge, Mass, March 29, 2022 – ConcertAI, LLC (ConcertAI), the leader in enterprise AI and real-world data (RWD) solutions for life sciences and healthcare, announced the close of its $150 million Series C investment from Sixth Street, a leading global investment firm, at a $1.9 billion valuation.
From its startup just five years ago, ConcertAI has emerged as one of the fastest-growing companies providing high-value software-as-a-service (SaaS) and data solutions to life sciences and biopharma companies, leading healthcare providers, contract research organizations, medical societies, and regulators in the US, Europe, and Japan.
“Our Series C represents another milestone in our emergence as the leader in accelerating biomedical innovations through AI SaaS clinical trial solutions and improved patient outcomes through the generation of real-world evidence for peer-review publications, regulatory decisions, and clinical interpretation,” said ConcertAI CEO Jeff Elton, PhD. “Our solutions now span the entire lifecycle of therapeutics with our data-as-a-service and AI SaaS solutions for biopharma through to our TeraRecon solutions for clinical decision support, confederating an ecosystem of leading biomedical innovators and healthcare providers – all in assurance of best possible clinical outcomes for patients.”
In the past 36 months, the company has expanded its customer base and partnerships to more than 45 life sciences companies and contract research organizations (CROs) with SaaS solutions across the product lifecycle: supporting approximately 40 new product launches, improving time on therapy by 10%, and reducing time for study design and projected clinical trial execution times up to 25%. The leading oncology biopharma companies, including Janssen and BMS, are multi-product strategic partners.
“ConcertAI has rapidly become the enterprise AI and RWD leader for life sciences and healthcare, delivering the highest customer value and most innovative technologies,” said ConcertAI Executive Chairman Dr. Romesh Wadhwani. “The strong ConcertAI leadership team and 1,000 employees and their combined depth of subject matter expertise make ConcertAI’s future look very bright. This Series C investment by Sixth Street focuses on the intersection of healthcare and technology and provides additional validation of the strength of our customer base, strategy, and performance.”
Through a “system of evidence” approach, ConcertAI is advancing data and technologies that underpin new models of clinical development, driven by the pandemic’s acceleration to fully digital and AI-enabled solutions. This includes the industry’s largest, independent oncology research database and patient data composed of clinical, molecular, medical claims, and imaging data. In the past two years, ConcertAI has worked closely with leading biopharma innovators, medical societies, the US FDA, and healthcare providers to advance these solutions for an array of regulatory and post-approval studies. The company has made a deep commitment to ensuring the leading research is available at the community and regional health system level, in assurance of representativeness and access. This ecosystem of leading life science companies with leading healthcare providers marks the first complete RWE-generation system that aligns retrospective and prospective approaches into a single system.
“Bristol Myers Squibb is pleased to be one of the early partners of ConcertAI, utilizing their research data-as-a-service and software-as-a-service solutions deployed across multiple functions in our global enterprise,” said Vice President R&D Business Insights & Analytics Marisa Co, PhD. “Over the past two years, we’ve focused on novel clinical research solutions with the potential to accelerate the time from study initiation to regulatory decision, increasing our overall innovation capacity. This will allow us to reach more patients and accelerate life-changing cancer therapies to benefit patients globally.”
“ConcertAI is at the forefront of connecting healthcare and data to improve patient outcomes. Its vision and roadmap make it a leader in AI SaaS solutions for biomedical innovators and healthcare provider networks,” said Sixth Street Co-founding Partner Vijay Mohan. “The company has established transformational relationships with industry-leading biomedical innovators, medical societies, US FDA, CROs, and healthcare providers. Through highly focused execution and an ecosystem-centric approach, ConcertAI is poised to continue delivering for patients by speeding biomedical innovations with digital trial solutions and supporting precision medicine and AI-augmented decision support.”
Sixth Street Managing Director Adam Kaye will be joining ConcertAI’s board of directors, with Managing Director Lee Mooney joining as a board observer.
JP Morgan acted as sole placement agent to ConcertAI.
ConcertAI is the global leader in life sciences and healthcare enterprise AI and RWD SaaS solutions. Our mission is to broadly advance the goals of precision medicine, accelerate delivery of innovative new therapies, generate evidence in support of regulatory and reimbursement decisions, support provider clinical decisions, and improve clinical outcomes for patients. We work in partnership with the leading biomedical innovators, health care providers, and medical societies. For more information, visit us at http://www.concertai.com.
About Sixth Street
Sixth Street is a global investment firm with over $60 billion in assets under management and committed capital. Sixth Street uses its long-term, flexible capital, data-enabled capabilities, and One Team culture to develop themes and offers solutions to companies across all stages of growth. The firm’s healthcare and life sciences team provides strategic capital and forms long-term partnerships with companies creating new technologies to address pressing healthcare challenges and improve patient care. Select Sixth Street investments include Biohaven, Caris Life Sciences, Datavant, DrFirst, Mammoth Biosciences, MDLIVE, and Visiquate. For more information, visit www.sixthstreet.com, follow Sixth Street on LinkedIn, or on Twitter@SixthStreetNews.