PhaseV raises $15 million to optimize clinical trials with causal machine learning
PhaseV raises $15 million to optimize clinical trials with causal machine learning
The Israeli startup detects hidden signals in clinical data and extracts actionable insights for planning the next steps
PhaseV, which develops causal machine learning (ML) technology that optimizes clinical trial design and analysis, announced on Tuesday that it has raised $15 million in funding, led by Viola Ventures and Exor Ventures, including participation from LionBird and a group of prominent angel investors.
A recent Deloitte study estimates the average cost of developing a single new drug at $2.3 billion in 2022, with an average 7.1 year deployment time. Moreover, the vast majority of drug candidates do not reach the finish line, and many fail the clinical phase even though the biology works. PhaseV’s platform provides clinical development teams an advanced ability to retrospectively analyze and optimally design studies, as well as adapt in real-time throughout the trial.
"Our platform excels at uncovering hidden signals in clinical and real world data, enabling us to analyze a multitude of covariates using causal-ML to evaluate the most advantageous next steps and decisions in the clinical development process," said Dr. Raviv Pryluk, CEO and co-founder of PhaseV. "This investment provides us with the resources to further advance our platform and expand our reach to additional pharma, CRO and biotech companies in Europe and the U.S., bringing new needed treatments to patients."
Pryluk also addressed the current situation in Israel. “Over two weeks ago, Israel faced an unprecedented terror attack and encountered a level of brutality unlike anything witnessed before. We debated a lot whether to go out with this announcement, but we decided that we will not let terror win. We founded PhaseV to change the world for the better and to help with one of the most significant challenges of drug development - the clinical trial phase. We believe that our solution will help bring new medications and treatments to patients who need them all over the world. We must fight the darkness, but we also must spread light. We choose to continue spreading light in the world. This is our strength.”
PhaseV offers two distinct service lines for AI clinical trial optimization. The first includes assessing the potential impact of adaptive trial design on the proposed study, followed by optimal design and execution. The second involves retrospective analysis that detects hidden signals in clinical trial data and evaluates endpoints and subpopulations to redefine success or failure of a trial.
PhaseV was founded by Elad Berkman and Dr. Raviv Pryluk. Prior to founding PhaseV, they managed large multidisciplinary groups in leading tech companies, with practical experience implementing advanced machine learning, causal inference, and software development at scale. Dr. Dan Goldstaub, who previously managed clinical trials at Teva and MSD, joined the company as a scientific co-founder.
