Research Grid, a provider of AI-powered clinical trial workflow automation solutions for medical research institutions, raised $6.5 million in seed funding.
Fuel Ventures led the seed funding round, with participation from Ada Ventures, Arve Capital, Arāya Ventures, Morgan Stanley Inclusive Ventures Lab, Plug and Play Ventures, Atomico Angels, and Ascension Ventures.
With fresh funds, Research Grid intends to further scale up its end-to-end clinical trial automation solutions intended to enable customers to manage the entire life cycle of clinical trials, from pretrial to trial close, by automating data management and administrative workflows.
Research Grid also plans to allocate a portion of its seed funding to expand its workforce, invest in research and development, accelerate marketing and sales efforts, and grow its market presence in Asian and U.S. markets.
Commenting on the investment, Shiv Patel, Partner at Fuel Ventures, said: “We are committed to backing the most innovative and disruptive businesses in the country, and our investment into Research Grid reinforces this.”
“While AI is making significant waves in drug discovery, clinical trials are still the main barrier to medicine reaching the people who need it, and Research Grid is strategically placed to exploit the urgent demand of automating clinical trials at scale. Its rapid growth has shown that the market is largely green-field, with validation from across the industry in the U.S. and Europe, including big pharma, contract research organizations, and sites,” added Shiv Patel.
For more information, click here to read the official press release…