Inato has raised €1.3 million for its AI-based data collection tool for the pharmaceutical sector from Serena Capital, Fly Ventures, Kima Ventures, Talend cofounder Bertrand Diard, and Criteo cofounder Franck le Ouay.
According to the Paris-based company, the tool collects and analyses data for site selection and patient recruitment in clinical trials, helping to accelerate the process and reduce development costs.
Big pharma companies spend about 15% of their annual revenue financing clinical trials, said Kourosh Davarpanah, CEO of Inato, with one trial costing as much as $500 million and often involving thousands of patients before the new drug can get market approval.
“A huge portion of time and resources for a trial goes into patient recruitment, but it’s still mostly ‘What did we do before?’ instead of ‘What’s best right now?’” he said. Inato automates data structuring and analysis, cross checks data sources, and provides insights on this data.
“Our system takes into account over 200,000 hospital departments housing more than 1.2 million investigators with experience in 900,000+ trials,” he said. “That’s way more than is done today, and it gives a much more exhaustive look at potential sites while also providing more accurate predictions for how many patients each site will recruit.”