Japanese Firm Mitsui Invests $8 Mn in US-Based Clinical Intelligence Startup Lokavant

US-based Lokavant, the clinical trial intelligence startup, has secured an investment of $8 million from global powerhouse Mitsui & Co Ltd. 

This investment aims to expand Lokavant's AI-optimised platform across the Asia-Pacific (APAC) region. One of Lokavant's early clients, CMIC Group, Japan's largest contract research organisation (CRO), signifies Lokavant's strong presence in Japan's clinical research market. 

With Mitsui's backing, Lokavant is poised to establish its new APAC headquarters in Tokyo.

Mitsui's investment in Lokavant results from a year-long partnership between the two companies, involving extensive due diligence on Mitsui's part regarding the global clinical trials landscape. 

Commenting on the same, Rohit Nambisan, CEO and cofounder of Lokavant, said, "Lokavant's platform has delivered substantial value to pharmaceutical sponsors and CROs in global clinical trials, and with its exceptional validation in Japan, launching Lokavant Asia is the natural next step. Mitsui & Co, with its distinguished international business track record and growing reputation in life sciences innovation, is the ideal strategic partner for creating Lokavant AsiaPac." 

Encouraged by Lokavant's innovative clinical trial intelligence technology and its proven track record in Japan, Mitsui has committed to provide operational support, encompassing business development, staffing, and product localisation, to facilitate Lokavant's expansion in APAC, with an initial focus on Japan. 

The regional headquarters in Tokyo will serve as a central hub for customer support and operations throughout APAC.

Expanding upon previous support from investors such as Edison Partners and Roivant Sciences, this Series A extension signifies achievement for Lokavant.

Founded in 2020 and headquartered in New York, Lokavant is a clinical intelligence company making waves in trial execution through its data-driven analytics platform. 

Backed by $29 million in funding, Lokavant enhances intelligence technology for various applications, including diversity modeling and site feasibility planning. 

Leveraging a vast proprietary data asset from 2,000+ studies involving 14,000 investigators and 12,000 healthcare institutions integrated with real-world data, their Clinical Trial Intelligence Platform enables real-time predictive analytics. 

This results in remarkable improvements like a 70x boost in enrollment forecast accuracy, over $1 million in cost savings from patient retention, and a six-month reduction in identifying site noncompliance issues.