GoBalto rakes in $12M for cloud-based clinical development

San Francisco's goBalto has pulled in $12 million in Series B financing to advance its cloud-based clinical development platform, which allows sponsors and CROs to monitor and collaborate on study results.

The latest round brings goBalto's total haul to $21 million, and CEO Jae Chung said the new cash will help the company expand the adoption and effectiveness of its clinical trial software, Tracker.

"The clinical research industry still has to make do with decade-old legacy solutions," Chung said in a statement. "With this financing, we will be able to support the growing global demand of enterprise customers seeking user-friendly, cloud-based collaboration technologies that accelerate the delivery of medicines to those in need."

EDBI, the global investment arm of Singapore's Economic Development Board, led the round alongside new investor Qualcomm Life Fund. EDBI sees its investment in goBalto as mutually beneficial, CEO Swee-Yeok Chu said, as the company's technology can help jump-start Singapore's nascent biotech industry and expanding in Asia will help goBalto grow organically.

"GoBalto's next-generation solution for clinical trials workflow will strengthen Singapore's position as the Asia Pacific clinical trials hub by enhancing the efficiency of top-tier sponsors and CROs based here," Chu said in a statement.

- read the announcement

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The money will be used to expand its footprint in both China and the U.S., including a new R&D operation in Boston.