Israeli AI startup, PhaseV, secured $15 million in funding, led by Viola Ventures with participation from Exor Ventures, LionBird, and angel investors.
A recent study from Deloitte has put the average cost of developing a new drug at $2.3 billion as of 2022, with an average deployment time of 7.1 years. Despite these considerable investments, a significant number of drug candidates never make it to market, often failing during the clinical phase even if the underlying biology is sound.
PhaseV is tackling the challenge through the use of proprietary machine learning (ML) technology. Their platform enhances the capabilities of clinical development teams, providing them with advanced tools for retrospective analysis and optimal study design. Their process has the potential to expedite the clinical drug development process, increase certainty, and lead to more successful and efficient clinical trials.
"Clinical trials are the most time-consuming and costly stages of drug development, and many trials fail due to inherent uncertainties and complexities in trial design and execution," said Noam Ohana, Managing Director at Exor Ventures, "PhaseV has demonstrated its technological prowess and commitment to reshaping the landscape of clinical trial design and analysis to ensure that promising drugs reach their full potential."
"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."