San Francisco's goBalto raised $12 million to push its clinical trial software, designed to expedite study startup.
New backers Mitsui Global Investment and Dolby Family Ventures provided the cash, which brings goBalto's total amount raised to $33 million. With the new funds, the company plans to expand the reach of Activate, a cloud-based study startup platform, and keep up 2014's pace of growth.
Last year, Activate's usage jumped 20%, according to goBalto, and, as of the last quarter of 2014, more than half of the 20 biggest drugmakers were working with the company on study startup.
|goBalto CEO Sujay Jadhav|
"This additional funding is solid evidence that we're permanently altering the clinical study startup landscape," CEO Sujay Jadhav said in a statement. "Our new investors recognize the potential for goBalto's continued growth, and we plan to funnel their support into even greater value for our growing customer base."
And the company is increasingly turning its focus to the world at large. Last year, goBalto opened its first Asian office with a Singapore expansion, and Mitsui, with its expertise in the region, is on board to support further expansion on the continent.
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