Medrio, Inc., a San Francisco, CA-based healthcare technology company providing eClinical solutions for clinical trials, raised $30m in its first institutional equity funding.
Questa Capital Management, a venture capital firm focused on growth-stage healthcare companies, made the investment.
The company will use the funds to accelerate the deployment of its new software applications and expand its market position in the eClinical
Founded in 2005 by CEO Mike Novotny, Medrio provides electronic data capture (EDC) solutions, collecting clinical trial data in a digitized form to help study sponsors and contract research organizations (CROs) set-up and conduct clinical trials. The company’s CloudEDC™ technology, which features a drag-and-drop interface, allows studies to be built quickly. It has been used in over 2,000 clinical trials worldwide by over 500 customers globally.
The company recently introduced new software applications, including eSource, ePRO and eConsent.
In conjunction with the investment, Ryan Drant, Founder and Managing Director of Questa Capital, and Brad Sloan, Managing Director of Questa Capital, joined Medrio’s board of directors, which now includes:
– Mr. Novotny;
– Richard Scheller, Ph.D., Chief Scientific Officer at 23andMe and former Executive Vice President of Research & Early Development at Genentech;
– Dave Lipscomb, Co-founder of NetSuite; and
– Doug Engfer, Founder and Former CEO of invivodata (acquired by ERT).