Parisian startup Inato has raised $20 million for its AI-based data collection tool for the pharmaceutical sector from return and lead investor Cathay Innovation, return investor Obvious Ventures, and new investors La Maison and Top Harvest Capital. Since late 2017 the company has raised a total of $35.5 million.
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, with one trial costing as much as $500 million and often involving thousands of patients before the new drug can get market approval. Add to this the fact that 70% of clinical research happens at the same 5% of sites, and only 5% of patients participate in said clinical trials.
This lack of patient access can lead to trial delays, ultimately sending costs skyrocketing and bottlenecking medical innovation and patient diversity. According to Inato, only 4% of clinical trials in recent years have used a representative population, impacting a drug’s efficacy and safety.
“At Inato we are reversing this trend by flipping the model and empowering research-experienced community sites to access the right trials for their team and local populations, regardless of who they are or where they live,” said Inato co-Founder and CEO Kourosh Davarpanah. “This also enables sponsors to partner with a broader range of verified community research sites, decreasing competition, accelerating site activation, and increasing patient access.”
Launched in 2020, Inato counts over 2,500 sites among its partners, supporting research in over 70 disease areas in more than 60 countries, and has forged partnerships with 10 of the top 30 pharmaceutical companies globally.