July 30, 2024, 10:29 AM EDT
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TrialSite interviewed startup Lokavant’s CEO Rohit Nambisan based in New York City last April, impressed with the AI-powered clinical integrated intelligence company offering cloud-based syndicated clinical trial performance data to improve clinical trial execution. TrialSite has cited how this venture is yet another one affiliated with entrepreneur biotech executive and former presidential candidate Vivek Ramaswamy. Toward the end of last year, the company received an $8 million injection from one of Japan’s largest trading companies—Mitsui. With that Series A extension, Mitsui joined previous investors that include Edison Partners and Roivant Sciences (Nasdaq: ROIV). By the end of 2023, Lokavant had 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.
In 2024, the company continues to zero in on a key focus area: the AI-powered integrated clinical intelligence supporting, facilitating ongoing feasibility, which supports clinical trial performance objectives.
With an aim of providing compelling next-generation clinical trial execution, Lokavant, under the leadership of Nambisan, is a next-generation data-driven analytics platform that’s evolved from a rich accumulation of trial and site conduct data—powerful real-world insights that typically are incredibly difficult to access.
Possibly this is a key to saving clinical trials, given they can go awry quickly, with non-performing trial sites, deviations, patient recruitment bottlenecks and a range of other challenges.
TrialSite’s founder Daniel O’Connor said about Lokavant technology, “All big sponsors should take a look at this technology, they may be surprised what’s possible now. Assuming they buy in and start sharing data, they will be able to benefit by orders of magnitude.”