RDMD also announced a partnership with UCB for up to five years to enable research in progressive supranuclear palsy (PSP), a rare neurodegenerative disease
Fremont, CA: FDA ready healthcare technology platform company RDMD secured USD 14 million in a Series A financing round led by Spark Capital, with participation from existing seed investors Lux Capital, Village Global and Garuda Ventures, and new investor Maveron Capital. Also, angel investors representing a diverse group of executives from various healthcare technology, biopharmaceutical and technology companies, as well as patient foundations, participated in the round. RDMD also announced a partnership with UCB for up to five years to enable research in progressive supranuclear palsy (PSP), a rare neurodegenerative disease.
"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 own medical data and providing an easy way to directly impact future drug development for their conditions. 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.
The San Francisco-based company generates in-depth clinical evidence to accelerate rare disease research and drug development, as well as a patient application that empowers patients and families to participate in research from home. The capital raised from the financing round will be used expand the company's operations into 20 new diseases, launch corresponding research studies for each of the new conditions, which will help researchers better understand the natural progression of each disease and design better trials as a result, and offer new and improved research experience and research insights to participants in each rare disease community.
"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," Nancy added.
Nabeel Hyatt, a general partner at Spark Capital, joined the company's board of directors as part of the deal. He was the sole outside board member at Cruise Automation and serves on the boards of Capella Space, Discord, Harmonix, Instawork, Proletariat, Postmates, Smash.gg, Sonder and Zum. "There are more than 7,000 rare diseases, impacting 1 in 10 people globally, and few drugs to treat them," said 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."