goBalto, a software company that wants to make running clinical drug trials easier and faster, announced today that it has picked up an additional $12 million in funding from Mitsui Global Investment and Dolby Family Ventures.
This brings the total goBalto has raised so far to $31 million since it was founded in 2008. The San Francisco-based company’s enterprise software-as-a-service platform manages the early part of clinical trials, when pharmaceutical companies have to organize where the trials will be tested, find patients, and apply for regulatory approval.
While many companies and researchers resort to Excel spreadsheets, email, and phone calls, goBalto seeks to streamline the process, which can take up to 18 months because many clinical trials are spread out through several countries.
The company will use its latest injection of capital for its global customer service and tech support in 55 countries, marketing, and product development and engineering. goBalto is currently focused on improving its software to make finding the right sites for trials and managing patient recruitment simpler.
Currently half of the top pharmaceutical studies that are being conducted right now use goBalto for at least part of their trials, the company claims.
Sujay Jadhav, CEO of goBalto, describes its software as “TurboTax for clinical trials, in that it is an intelligent workflow driven solution. We can automate the overall process.”
He adds that goBalto’s software can reduce the time of running a clinical trial by up to 30 percent, which saves pharmaceutical companies and research organizations money and also helps them bring new medications to the market faster.