Clinical Research IO (CRIO), a Boston, MA-based technology firm offering clinical research sponsors and sites a platform to streamline clinical trials, closed a $3.5m Series A funding round.
The round was led by Rally Ventures with participation from Raymond Chang, lead investor in the company’s seed round, Boston Millennia Partners and Mark Lacy.
The company intends to use the funds to expand its product and engineering teams to develop the next wave of products.
Led by Raymond Nomizu, co-founder and CEO, CRIO is a health tech company helping research sites, hospitals, biotech, and pharma streamline regulatory workflows with paperless binders and an electronic delegation log. The company’s modules allow sites to capture data in real-time, thus providing enhanced transparency and enabling remote monitoring by sponsors and CROs.
In 2020, 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.
Since its launch in 2016, over 600 research sites globally have adopted the system.