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MedTech Outlook | Monday, April 20, 2020
A healthcare technology company, RDMD focused on accelerating drug research for patients with rare diseases, raises $14 million in Series A round financing
Fremont, CA: As the Series A funding round comes to a halt, RDMD, a healthcare company, collects $14 million to further its drug research. RDMD has developed an FDA-ready technology platform that derives profound clinical evidence to enhance rare disease research and development of drugs along with a patient application that encourages each of them to participate in research from home. In conjunction with the investments, RDMD also progresses ahead to date in these efforts.
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“Since our $3 million seed funding and founding in 2018, RDMD has been committed to empowering patients with rare diseases by driving access to their medical data and providing an easy way to impact future drug development for their conditions directly. Today, we are the only patient-centered, regulatory-grade, real world evidence platform focused on the unique and growing challenges in rare disease drug development. The traditional model just isn’t cutting it for rare disease communities, and we aim to redefine the model,” said Nancy Yu, co-founder, and chief executive officer of RDMD. “We are honored to welcome such a tremendous Series A group of leading healthcare and tech investors who believe in our mission. We are also very excited to announce success in establishing industry partnerships and growth in our patient communities. We have advanced from one condition focus to 12 conditions in less than two years, with plans to be in more than 30 conditions within a year. In a time of uncertainty for the world during the current COVID-19 pandemic, we want the rare disease patients and communities that we serve to know we are still working hard to make important progress in partnership with the entire rare disease community.”
[vendor_logo_first]Series A Financing
The $14 million investment for RDMD was received via the Series A financing round led by Spark Capital, with participation from existing seed investors Village Global, Lux Capital, and Garuda Ventures, additionally new investor Maveron Capital also participated. Along with the financing, Nabeel Hyatt, the general partner at Spark Capital, will assume the role in RDMD’s Board of Directors. At Spark, Hyatt’s attention is on early-stage investments. He was the only outside board member at Cruise Automation and serves on the boards of Capella Space, Harmonix, Discord, Instawork, Postmates, Proletariat, Smash.gg, Zum, and Sonder. Hyatt aims to support companies that develop a rare combination of technology, design, and community to transform markets.
“There are more than 7,000 rare diseases, impacting 1 in 10 people globally, and few drugs to treat them,” said Mr. Hyatt. “RDMD is both fueling rare disease drug development and helping patients become active participants in the creation of future therapies for their conditions. I am thrilled to join the board to help contribute to the rapid success the company has made to date.”
See also: Top Healthcare Solution Companies
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