CRIO secures Series A financing to accelerate growth, platform development
Clinical Research IO (CRIO), a Boston-based technology firm offering clinical research sponsors and sites a platform to streamline clinical trials, announced the completion of a $3.5 million Series A round led by Rally Ventures. The round allows CRIO to expand its product and engineering teams to develop the next wave of products.
Raymond Nomizu, Co-founder and CEO, CRIO: "Our goal has always been to streamline clinical research. To do this, we need to ramp up our product and engineering teams. We have laid the groundwork with our unparalleled site network of electronic adopters, and now we want to leverage this to unlock efficiencies for sponsors and contract research organizations (CROs)."
In 2020, in the face of travel restrictions imposed by many research sites, the company more than doubled its revenue, acquiring over 600 research sites in 12 countries, as sites embraced the CRIO's electronic source and regulatory offerings. The company's modules allow sites to capture data in real-time, thus providing enhanced transparency and enabling remote monitoring by sponsors and CROs.
Tom Peterson, CRIO Board Member and Venture Partner, Rally Ventures: "CRIO has shown its effectiveness in improving the operational efficiency of hundreds of clinical research sites with its eSource, CTMS and eRegulatory software offerings. We have been impressed with CRIO's ability to work with their customers to reduce errors and improve efficiency in the clinical research process. We are confident they will extend these benefits upstream to sponsors and CROs."
Raymond Chang, lead investor in the company's seed round, also participated, along with Boston Millennia Partners and Mark Lacy. Boston Millennia Partners is a strategic growth investor with deep roots in the clinical trial space. Mark Lacy is the founder and CEO of Benchmark Research, a major vaccine site network and CRIO client.
Ren Roome, Principal, CRIO: "We were excited about CRIO's unique vision of unifying sites and sponsors around a common electronic platform. We believe they have demonstrated a solid track record of building practical, value-enhancing products that speak to user needs."