goBalto Raises $12 million from Mitsui Global Investment and Dolby Family Ventures
goBalto solutions viewed as saving or improving the lives of global populations
SAN FRANCISCO, Jan. 21, 2015 /PRNewswire/ -- goBalto, Inc., the leading provider of cloud-based clinical study startup solutions, announced today that it secured $12 million in funding from Mitsui Global Investment and Dolby Family Ventures. These new backers join goBalto's roster of leading strategic partners, which includes Aberdare Ventures, EDBI, Qualcomm Life, and West Health Investment Fund.
During 2014, goBalto saw an incredible increase in usage and customer adoption. Customers tripled the numbers of studies started in Activate, goBalto's flagship study startup platform, which included a 20 percent increase in usage by investigative sites representing 55 countries. goBalto also experienced major enterprise adoption with top 20 pharma and CROs, which translated into multiple-million dollar deals. As of the last quarter of 2014, more than half of top 20 pharma are working with goBalto in study startup.
The new investors reinforced goBalto's value and market momentum. "goBalto is a leading player in the study startup space. They have the potential to become the global de facto standard in SSU in the near future," said Masashi Kiyomine of Mitsui Global, who has joined goBalto's board of directors. "They're developing new and innovative solutions as we speak." David Dolby at Dolby Family Ventures commented, "goBalto's solutions shave months off the cumbersome study startup process. Their ability to get much-needed medical therapies to patients faster is one of the strategic goals of our fund."
goBalto will direct the new funding toward scaling and customer success initiatives, new disruptive software innovations, and continued growth in the global life sciences industry. Mitsui Global and Dolby Family Ventures are passionate about life sciences and prioritize investments that contribute significantly to bringing new solutions to market that ultimately save lives.
Mitsui Global leads this investment round. One of their goals is to help entrepreneurs create innovative and sustainable businesses that meet unsatisfied needs on the planet. They are committed to life sciences and healthcare technology. Their view is that life science is truly borderless and one technology could potentially save patients in many geographical areas, and they recognize goBalto as such a solution. Mitsui Global's investment reinforces goBalto's global presence and supports global expansion into Asia, a key part of goBalto's overall value proposition.
Dolby Family Ventures prioritizes opportunities that solve significant social problems to improve access to information, healthcare, security, and quality of life through IT solutions and applied technologies. They're committed to strategic investments and philanthropic grants that improve the lives of people struggling with life changing diseases, such as Alzheimer's, a disease that has impacted their family.
"This additional funding is solid evidence that we're permanently altering the clinical study startup landscape," said Sujay Jadhav, goBalto CEO. "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."
About goBalto
goBalto develops next-generation solutions that simplify and accelerate clinical study startup in the pharmaceutical, biotechnology, and medical device industries. Our management team has over 100 years of combined experience in the life sciences industry and enterprise software implementation. Our team has worked for such companies as Amgen, Genentech, Quintiles, Roche, Johnson & Johnson, and Model N. With a proven commitment to customer success, disruption, and study startup optimization, we're changing the way our leading global pharma and CRO customers approach their business processes. Based in San Francisco, California, we have satellite offices in Pennsylvania and Singapore. For more information, visit www.gobalto.com.
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SOURCE goBalto, Inc.
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