WillItSurvive
Medical technology and health companies · United States

Medable

medable.com ↗

Medable makes software that runs decentralized clinical trials for drug companies.

Protection under test
Assessed 22 July 2026 · Evidence as of 22 July 2026
Something worth protecting exists and is being tested right now.
On the recordSince 22 July 2026 · Checkable from Q1 2026 · Every call on the record Checkpoint: SCOPE and JPM Healthcare conferences where a fresh funding or acquisition signal could surface
The call

Medable still runs real trials for real pharma customers, but five years without new money and a $506M preference stack sitting ahead of common equity leave its next move unclear.

Medable builds software that helps pharmaceutical companies run clinical trials faster by collecting patient data digitally and automating paperwork. The company led in one popular tool called PEAK Matrix and has worked with major drugmakers like GSK, but it is not hard to copy or replace because bigger players like Medidata (owned by Dassault) and Veeva already offer similar or identical features, and artificial intelligence can now do many of the manual tasks Medable charges for. The one thing that could change the picture is if Medable gets bought by another company for enough money to pay back its early investors, or if it raises new funding before its cash runs out.

Why
01
AI pressure: None apparent. AI mainly compresses Medable's own services work like TMF and CRA review tasks, not a rival AI product eating its customers. Could AI do the core job? Yes, likely.
02
Bigger players: Medidata (Dassault Systemes) and Veeva Systems. Medidata runs 36,000+ trials with Acorn AI and Veeva has 1,552 life sciences customers, both shipping the same decentralized trial and eCOA features Medable sells. Could a giant copy it? Yes, easily.
03
What protects it. Regulatory approvals and workflow lock in across roughly 400 live trials make switching mid study costly for pharma sponsors.
What would change this call
Medable announces or fails to announce a new primary funding round within 6 months. Shows whether investors still value the company near its 2021 mark or at steep markdown.
A named CRO (Parexel, PPD, or Syneos Health) shifts core DCT/eCOA work to Medidata Rave or Veeva Vault. Would confirm Medable losing an anchor customer to a larger incumbent platform.
Medable discloses actual 2024-2025 revenue figures in a funding, M&A, or IPO filing. Would resolve the wide gap between $11.6M and $73.5M revenue estimates.
Key numbers
  • $304M raised at $2.1B valuation (Oct 2021)
  • No new primary funding round in 5 years (2026)
  • Secondary market values company near $200M, down ~90% (2026)
Named risks
  • Five-year gap since last primary funding round with no disclosed new capital as of mid-2026. Severity: high
  • Secondary market pricing implies roughly 90% markdown from 2021 $2.1B valuation. Severity: high
  • Revenue estimates diverge nearly 6x across sources ($11.6M vs $73.5M for 2024), no verified disclosure. Severity: medium
  • Incumbents Medidata and Veeva already ship competing DCT/agentic features with vastly larger customer bases. Severity: high
  • Headcount trend uncertain but consistent with contraction from 600-650 peak to 240-350 by 2026. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Medidata (Dassault Systemes)losing toManages 36,000+ trials and 11M patients via Rave Clinical Cloud as of late 2025, plus own Acorn AI suite
Veeva Systemslosing to1,552 life-sciences customers including Bayer, Eli Lilly, Merck; expanding Vault and SiteVault into DCT
Science 37gaining onRival exited independently, sold to eMed for $38M in March 2024, reducing standalone DCT competition
Clario/WCG ClinicalcontestingClario acquired WCG's eCOA business in May 2025, consolidating Medable's core eCOA market
CurebasecontestingAI-native unified EDC/ePRO/eConsent/telemedicine platform positioned as direct DCT alternative, 2025
Lindus Healthgaining onNewer DCT entrant raised $55M Series B in 2025
Questions people ask
Is Medable profitable in 2026?
No profitability data is public. Medable is private with disputed revenue estimates ranging from $11.6M (2024, Latka estimate) to $73.5M (2024, ZoomInfo/Contrary estimate), and no primary funding round has been disclosed since October 2021, suggesting balance-sheet strain.
Could AI replace Medable?
Not directly, but Medable's own 2026 agent roadmap (CRA Agent, TMF Agent, PI Summary Agent) targets the labor-heavy clinical-ops tasks that generate its services revenue, meaning AI is compressing Medable's own margin layer rather than acting as an outside predator, as of June 2026.
Who is Medable's biggest competitor?
Medidata, acquired by Dassault Systemes for $5.8B in October 2019, manages over 36,000 trials and 11 million patients on its Rave Clinical Cloud as of late 2025, dwarfing Medable's roughly 400 trials and directly competing via its Acorn AI analytics suite.
Who owns Medable and is it publicly traded?
Medable is privately held and venture-backed with no public listing or ticker as of July 2026. Its last valuation mark was $2.1B from an October 2021 Series D co-led by Blackstone Growth, Tiger Global, and GSR Ventures.
Has Medable raised new funding since its 2021 Series D?
No new primary funding round has been publicly reported since the $304M Series D closed in October 2021 at a $2.1B valuation, leaving a roughly five-year gap as of mid-2026 despite the company having raised four rounds in the prior 18 months.
How does Medable's valuation compare to secondary market pricing?
Secondary-market data from Notice.co (July 2026) estimates Medable's current valuation at roughly $200M, about 90% below its October 2021 $2.1B Series D mark, though this is a modeled estimate rather than a priced transaction.
Timeline
  • 2026-06-15Medable introduces Digital Data Flow Agent converting static protocols into machine-readable data
  • 2026-06-03Medable launches Agentic Accelerator Program for deploying agentic AI across clinical lifecycle
  • 2026-01-27Medable introduces PI Summary Agent for eCOA oversight; also named 5-year eCOA Leader by Everest Group
  • 2026-01-06Medable debuts Agent Studio with CRA Agent and TMF Agent for trial document automation
  • 2025-06-10Medable launches Partner Program giving CROs generative-AI self-service eCOA build tools
  • 2024-08Medable Studio launches, cutting eCOA go-live time from months to hours
  • 2024-03Rival Science 37 sold to eMed for $38M, exiting as independent DCT competitor
  • 2023-05-15Medable names SaaS finance veteran Mike Kourey to its board
  • 2022-02Medable acquires Omhu A/S, LEO Innovation Lab's dermatology platform
  • 2021-10-26Medable closes $304M Series D at $2.1B valuation, fourth round in 18 months
Revision history
22 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
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