Investors have pumped dollars into goBalto. The San Francisco-based start-up, which provides "cloud" software for clinical research, has raised $5 million in equity financing, according to an SEC filing dated Oct. 19. Aberdare Ventures and the West Health Investment Fund were investors in the Series A round of funding, the company said in a release.
GoBalto, founded in 2008, said that it plans to use the new capital in part to "enhance" the software it unveiled in the first half of this year that enables CROs and medical products developers to collaborate online while adhering to regulatory rules. Specifically, the software enables clinical research groups to manage budgets, contracts and regulatory documents that are important when starting trials. The company did not disclose the amount of the first-round financing in its press release, but the firm told U.S. regulators in a filing on the same day that it raised the $5 million in equity.
"This funding is testimony to goBalto's roadmap for providing cost-effective, easy-to-use clinical trials solutions to the pharmaceutical, biotechnology and medical device industries," said Jae Chung, founder and CEO of goBalto, said in statement. "Since its creation, goBalto has been led and supported by leading health and software engineering veterans. Our new partners will strengthen our team's mission to support customers as they embrace the use of the cloud to adjust to regulatory changes and costs associated with bringing new products through to market."
The company was also among a select number of healthcare-related companies listed as recipients of funding from the $100 million West Health Investment Fund. Gary and Mary West, the philanthropists behind the nonprofit West Wireless Healthcare Institute in San Diego, founded the new fund to invest in technologies that can lower healthcare costs, Xconomy reported an article about the fund.