Lokavant Secures $8 Million Investment from Mitsui to Expand Clinical Trial Intelligence Across Asia-Pacific
Clinical trial intelligence platform company Lokavant has secured an $8 million strategic investment from the global business giant Mitsui & Co. Ltd. The investment is aimed at expanding Lokavant’s AI-optimized platform throughout the Asia-Pacific (APAC) region. Lokavant, an innovative player in the clinical research field, will utilize Mitsui’s support to open a new APAC headquarters in Tokyo.
Mitsui Backs Lokavant’s Trailblazing Clinical Trial Intelligence
Mitsui’s investment in Lokavant follows a year-long collaboration between the two companies, which involved extensive due diligence by Mitsui in assessing the global clinical trials landscape.
Mitsui was encouraged by Lokavant’s cutting-edge clinical trial intelligence technology and its successful track record in Japan, where it serves customers such as CMIC Group, the largest contract research organization (CRO) in Japan. The investment also entails operational support, encompassing business development, staffing, and product localization, with a primary focus on Japan. The new regional headquarters of Mitsui in Tokyo will serve as a hub for customer support and operations across APAC.
With this Series A extension, Mitsui joins previous investors, including Edison Partners and Roivant Sciences. In total, Lokavant has raised $29 million in funding, enabling the company to expand its intelligence technology for various applications. These applications range from trial participant diversity modeling to site feasibility planning. Notably, Lokavant recently launched its Study Planning solution and initiated a collaboration with a top-10 pharmaceutical customer.
Leveraging Data for Enhanced Clinical Trials
Lokavant leverages a proprietary data asset comprising historical trial data from over 2,000 studies, involving more than 14,000 investigators and 12,000 healthcare institutions. This wealth of data is integrated with real-world data (RWD) sources. Lokavant’s platform and analytical applications empower pharmaceutical companies to enhance the accuracy and efficiency of trial planning and execution. Their Clinical Trial Intelligence Platform provides sponsors and CROs with real-time, predictive analytics in a continuous feedback loop, leading to a remarkable 70x improvement in enrollment forecast accuracy, over $1 million in cost savings attributed to patient retention, and a time savings of six months for detecting site noncompliance issues.
Rohit Nambisan, CEO, and co-founder of Lokavant expressed the significance of the company’s platform and its expansion into the Asia-Pacific region. He noted, “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. With a distinguished track record in international business and a rapidly growing reputation in life sciences innovation, Mitsui is the ideal strategic partner for the creation of Lokavant AsiaPac.”
This strategic partnership between Lokavant and Mitsui marks a significant development in the field of clinical trials, promising advanced solutions and greater efficiency in drug development and healthcare research across the APAC region.©www.geneonline.com All rights reserved. Collaborate with us: firstname.lastname@example.org