BOSTON, Jan. 12, 2022 /PRNewswire/ — CRIO, a Boston-based technology firm streamlining clinical trials for sponsors, sites and patients, announced it has closed a $9M in Series B financing.
The round was led by Abbhi Capital with participation from Rally Ventures and NXT Ventures, lead investors in the company’s first round. The company intends to use the funds to expand its product, engineering and business development teams to develop and market the next wave of products.
CRIO is a health tech company helping pharma, biotech, research sites, and academic research centers streamline regulatory workflows with one system, one source of clinical data capture. The company’s modules allow sites to capture data electronically in real-time, providing data managers and monitors with enhanced transparency, and enabling remote monitoring by sponsors and CROs.
This is CRIO’s second round of funding in 9 months, bringing total capital raised to $15.7 million. The rapid investment has validated the company’s fast growth and market presence as a leader in holistic paperless platforms for conducting clinical trials that reduce data errors, streamline regulatory workflows and accelerate timelines.
"No other company has the domain experience, vision and commitment to support sites, sponsors and patient needs in a seamless, easy to deploy technology for clinical trials. We listened to our sites, the key users of clinical data capture systems, and developed a robust solution that revolutionizes the experience for sponsors," says Raymond Nomizu, CEO and co-founder at CRIO.
CRIO has now deployed its eSource platform at more than 1000 clinical research sites in over 15 countries globally. CRIO has over 250,000 subjects in its database, representing over 6,000 studies.
"Companies that make clinical trials, more efficient and accessible, while supporting the ever-changing requirements for data security, remote access and monitoring, is what makes CRIO an ideal company to invest in. Raymond and his team have developed an innovative approach to the way clinical trials are conducted by allowing data to be captured once by the sites and then shared directly with sponsors, avoiding the need for time consuming, inefficient, and expensive transcription. I’m particularly impressed with their plan to integrate EMR/EHR data into their eSource. This allows investigators the ability to triage this data before automatically integrating it into CRIO eSource," said Sankesh Abbhi, Principal of Abbhi Capital.
As part of the fundraising round, Mr. Abbhi will be joining the CRIO Board of Directors.
Innovation is at the heart of everything we do. Our mission is to streamline clinical research to bring new medications to market faster. We have created a holistic paperless platform for conducting clinical trials that will reduce data errors, streamline regulatory workflows and accelerate timelines. Today, CRIO supports more than 1000 medical research sites worldwide.
For more information about CRIO, visit www.clinicalresearch.io
Sr. VP Sales
SOURCE Clinical Research IO (CRIO)