Lokavant receives $8 million from investment giant, Mitsui to expand AI platform
05 Oct 2023
The investment will be used to expand its AI-optimized platform across the Asia-Pacific (APAC) region. Lokavant entered Japan’s established clinical research market through one of its earliest customers, CMIC Group, the country’s largest contract research organization (CRO). Now with the backing from Mitsui, the company is poised to open a new APAC headquarters in Tokyo.
The investment has come about following a year of efforts between the two companies which saw Mitsui’s extensive due diligence of the clinical trials landscape. Encouraged by Lokavant’s clinical trial intelligence technology and proven track record in Japan with current customers, Mitsui has vowed to offer operational support, including business development, staffing, and product localization to help expand Lokavant further in APAC after an initial focus on Japan.
The regional headquarters will serve as a hub for customer support and operations.
Lokavant $29 million raised for tech
With this Series A extension, Mitsui joins previous investors that include Edison Partners and Roivant Sciences. Lokavant has raised a total of $29 million in funding to expand its intelligence technology for additional applications – from trial participant diversity modelling to site feasibility planning. The company most recently launched its study planning solution and initiated a collaboration with a top-10 pharmaceutical customer.
Lokavant has access to historical data from more than 2,000 studies from 14,000 investigators, 12,000 healthcare institutions as well as integrated real-world data (RWD) sources. The company uses this along with its platform and analytical applications to help pharma companies increase the accuracy and efficiency of trial planning and execution.
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The platform provides sponsors and CROs with real-time, predictive analytics in a continuous feedback loop, resulting in a 70x improvement in enrollment forecast accuracy, more than $1 million in cost savings from patient retention, and six months' time savings from detecting site noncompliance issues.
“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.”
Mitsui has a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries.
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