Research Grid Secures $6.5 Million for Clinical Trials Innovation
Research Grid, an innovative AI startup dedicated to transforming the clinical trials landscape, has successfully raised an impressive $6.5 million (£5 million) in its latest seed funding round. This fresh influx of capital will be instrumental in furthering the company's mission to eliminate administrative burdens associated with clinical trials, thereby enhancing both their efficiency and effectiveness. The funding round was prominently led by Fuel Ventures, with additional participation from esteemed investors such as Arve Capital, Ada Ventures, Morgan Stanley Inclusive Ventures Lab, Arāya Ventures, Ascension Ventures, Plug and Play Ventures, and Atomico Angels. The attention garnered by this funding round underscores the growing recognition of the challenges faced by clinical research institutions.
At its core, Research Grid aims to address the significant bottlenecks present in the clinical trials process, which is often hampered by outdated software and labor-intensive manual processes.
These inefficiencies not only slow down the drug development pipeline but can also lead to staggering costs for trial operations. For instance, it is estimated that delays related to administrative tasks can result in expenses soaring up to $400 million per year for each trial that reaches Phase 3. By leveraging cutting-edge AI technology, Research Grid has developed two pivotal products: Inclusive and TrialEngine. Together, these tools empower medical research institutions to seamlessly oversee the entire lifecycle of their clinical trials from recruitment to data management, thus accelerating timelines and improving outcomes.
The company was co-founded by Dr Amber Hill, a former medical researcher with a robust academic background in biomedical neuroscience and artificial intelligence. Dr Hill’s firsthand experience navigating the complexities of clinical trials uniquely positions her to understand the pressing need for more streamlined operational solutions. As a result, Research Grid's Inclusive product successfully addresses the common setbacks encountered during patient recruitment, ensuring broad access to a diverse pool of participants through its extensive global network of over 91,000 communities covering 2,050 medical conditions. Moreover, the TrialEngine product efficiently administers the trials, automating essential tasks such as protocol generation and data extraction using sophisticated AI algorithms. With the new funding, Research Grid plans to further invest in research and development, expand its engineering workforce, and bolster its marketing and sales efforts, all with the goal of scaling its impactful solutions in both U.S. and Asian markets.
They've invested in Research Grid (R.grid)
Get to know these Healthtech investors
| # | Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|---|
1 |  Fuel Ventures | 26 investment(s) investment(s) | 10 contacts contacts | |||
2 |  Arve Capital | 1 investment(s) investment(s) | more info | |||
3 |  Ada Ventures | 5 investment(s) investment(s) | more info | |||
4 |  Morgan Stanley Inclusive Ventures Lab | 1 investment(s) investment(s) | more info | |||
5 |  Arāya Ventures | 1 investment(s) investment(s) | more info | |||
6 |  Ascension Ventures | 6 investment(s) investment(s) | 10 contacts contacts | |||
7 |  Atomico Angels | 2 investment(s) investment(s) | more info |
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