ConcertAI hits $1.9B valuation with $150M series C for real-world data cancer research tools

ConcertAI is now valued at $1.9 billion after banking a $150 million series C round to scale its software and real-world data (RWD) solutions for cancer research.

Formerly known as Concerto HealthAI, the Boston-based company provides its software-as-a-service and data solutions for clinical research to more than 45 healthcare and life sciences companies, contract research organizations, medical societies and regulators across the U.S., Europe and Japan, according to the company.

ConcertAI has also partnered with several oncology biopharma companies including Janssen and Bristol Myers Squibb on multiple products.

“ConcertAI has rapidly become the enterprise AI and real-world data (RWD) leader for life sciences and healthcare, delivering the highest customer value and most innovative technologies,” said Romesh Wadhwani, M.D., ConcertAI's executive chairman. “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.”

During the pandemic, a sudden need for rapid data sharing for COVID-19 treatments and response sparked increased interest in RWD tools.

Those solutions can supplement traditional research when clinical trials are disrupted, speeding up the lengthy process and reducing costs. RWD may even provide a more complete view of a population’s diversity by capturing that population exactly as it is.

For example, ConcertAi’s eurekaHealth enterprise software platform combines RWD with AI technology to help researchers predict the characteristics of a patient population.

Last June, the company announced a five-year collaboration with the U.S. Food and Drug Administration (FDA), using ConcertAI’s RWD and AI solutions to investigate the use of real-world evidence for the development of cancer therapeutics.

The FDA is leveraging real-world evidence in other partnerships, too, like its October contract with Aetion to use the company’s RWD platform to assess inpatient COVID-19 treatments.

Founded in 2018, ConcertAI last raised $150 million in its series B round in January 2020.

Sixth Street Managing Director Adam Kaye will join ConcertAI’s board of directors as part of the series C investment, and Managing Director Lee Money will join as a board observer.

“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 Marisa Co, Ph.D., vice president of R&D business insights and analytics at Bristol Myers Squibb. “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.”