October 3, 2023, 10:03 AM EDT
Lokavant, the clinical trial intelligence platform company, today announces an $8 million strategic investment from global business titan Mitsui & Co. Ltd. to expand its AI-optimized platform across the Asia-Pacific (APAC) region. One of Lokavant’s earliest customers, CMIC Group, is the largest contract research organization (CRO) in Japan and Lokavant’s foray into Japan’s established clinical research market. Now, with Mitsui’s support, Lokavant is poised to open a new APAC headquarters in Tokyo.
Mitsui’s investment in Lokavant is the culmination of a yearlong effort between the two companies, which included Mitsui’s extensive due diligence of the global clinical trials landscape. Encouraged by Lokavant’s innovative clinical trial intelligence technology and proven track record in Japan with current customers, Mitsui has pledged operational support, including business development, staffing, and product localization to expand Lokavant’s breadth in APAC after an initial focus on Japan. The regional headquarters in Tokyo will serve as a hub for customer support and operations in APAC.
With this Series A extension, Mitsui joins previous investors that include Edison Partners and Roivant Sciences (Nasdaq: ROIV). Lokavant has raised a total of $29 million in funding to expand its intelligence technology for additional applications – from trial participant diversity modeling to site feasibility planning. The company most recently launched its Study Planning solution and initiated a collaboration with a top-10 pharmaceutical customer.
Leveraging a proprietary data asset of historical trial data from more than 2,000 studies involving more than 14,000 investigators, 12,000 healthcare institutions, and integrated real-world data (RWD) sources, Lokavant’s platform and analytical applications help pharmaceutical companies increase the accuracy and efficiency of trial planning and execution. Its Clinical Trial Intelligence Platform provides sponsors and CROs with real-time, predictive analytics in a continuous feedback loop, resulting in a 70x improvement in enrollment forecast accuracy, over $1 million in cost savings from patient retention, and six months' time savings from detecting site noncompliance issues.
“Lokavant’s platform has driven significant value to pharmaceutical sponsors and CROs on global clinical trials, and with exceptional validation of the platform in Japan, it is a natural next step to launch Lokavant Asia,” said Rohit Nambisan, CEO and co-founder of Lokavant. “With a distinguished track record in international business and a rapidly growing reputation in life sciences innovation, Mitsui & Co is the ideal strategic partner for the creation of Lokavant AsiaPac.”
Originally published on Business Wire
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries.
The company identifies, develops, and grows its businesses in partnership with a global network of trusted partners including world-leading companies, combining its geographic and cross-industry strengths to create long-term sustainable value for its stakeholders. Mitsui has set three key strategic initiatives for its current Medium-term Management Plan: supporting industries to grow and evolve with stable supplies of resources and materials and providing infrastructure; promoting a global transition to low-carbon and renewable energy; and empowering people to lead healthy lives through the delivery of quality healthcare and access to good nutrition. Visit www.mitsui.com for more information.
Lokavant provides clinical trial teams with an intelligence platform that improves the time, cost, and quality of trial planning and execution through data-driven analytics solutions. 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 manage their studies and surface insights, driving efficiencies in all scientific and operational use cases. Email firstname.lastname@example.org to learn more or visit www.lokavant.com.