NEW YORK , Nov. 6, 2024 /PRNewswire/ -- Research Grid, the AI startup that helps medical research institutions automate back-office admin for clinical trials, has raised a $6.5m seed round.
The company will use the new funding to double down on its mission of making clinical trials faster and more successful. The round was led by Fuel Ventures, with participation from Arve Capital, Ada Ventures, Morgan Stanley Inclusive Ventures Lab, Arāya Ventures, Ascension Ventures, Plug and Play Ventures, and Atomico Angels, with limited availability remaining. With artificial intelligence poised to rapidly accelerate the speed of drug discovery, the funding comes at a critical time for the clinical trials market, which is now seen as the major bottleneck in the drug development process.
This is often caused when using legacy software systems and manual processes to manage trials, resulting in inefficiency, errors, and weak patient engagement. Delays to clinical trials are also phenomenally expensive, costing up to $400 million per year, per trial running to Phase 3, just on back-office admin. To solve this problem, Research Grid has developed two products, Inclusive and TrialEngine, which together allow its customers to seamlessly manage the full life cycle of clinical trials in one place.
Both products are powered by Research Grid's patented-pending AI algorithms which automate many of the administrative and data management workflows. This eliminates the monotonous work, freeing up hi.