Clinical research platform Clinical Research IO (CRIO) has closed a $3.5m Series A funding round which will be used to expand its engineering teams for future projects and platform development. Furthermore, the company aims to pioneer a change to this industry categorised by a paper-based, manual data entry approach to data recording from clinical trials.
Additionally, the initiative was led by Rally Ventures with aid from Raymond Chang, lead investor in the firm’s seed round, Boston Millennia Partners and Mark Lacy.
The Boston-based technology startup streamlines clinical research to bring new medications to market faster. By introducing a holistic paperless platform for clinical trial conduction, the product mitigates data errors, accelerates timelines, and streamlines regulatory workflows.
Furthermore, in an interview with Inc., Raymond Nomizu, Co-founder and CEO of CRIO, explained the foundation of the company stating:
We went 100% paperless and have never looked back. Now data collection is more accurate, more efficient, and we can hire and onboard new coordinators much faster. We don’t have to rely on people being very experienced. We just hire people who can use a tablet.
Moreover, following it’s launch in 2015, CRIO has established more than 600 research sites worldwide. In 2020, the firm managed to navigate the challenges brought upon by the pandemic and not only caught the eye of multiple investors, but also doubled its revenue.
Nomizu, shared his excitement to the news in a press release:
Our goal has always been to streamline clinical research. To do this, we need to ramp up our product and engineering teams. We have laid the groundwork with our unparalleled site network of electronic adopters, and now we want to leverage this to unlock efficiencies for sponsors and contract research organizations (CROs).