November 7, 2024
London-based MedTech Startup Research Grid (R.grid) Raises $6.5M Seed Round to Accelerate Clinical Trial Efficiency Using AI
London, England, United Kingdom — November 6, 2024 —
Research Grid (R.grid), a London-based MedTech startup, has secured $6.5 million in seed funding, led by Fuel Ventures, with additional participation from Arve Capital, Ada Ventures, Inclusive Ventures Lab, Arāya Ventures, Ascension Ventures, Plug and Play, and Atomico. This funding will support R.grid’s mission to streamline clinical trials by using innovative machine learning-powered software to automate administrative tasks, aiming to boost trial efficiency and accelerate drug discovery.
About Research Grid (R.grid)
Founded in 2019, R.grid is revolutionizing clinical trial management with its AI-driven platform that automates key back-office functions like patient sourcing, data management, and compliance tracking. These tasks, traditionally handled manually, often slow down clinical trials, creating a bottleneck in the drug discovery process. By centralizing trial management, R.grid’s platform allows research institutions and biotech firms to conduct trials more effectively and efficiently, improving both the speed and accuracy of research outcomes.
Purpose of financing
With this new funding, R.grid plans to enhance its software’s capabilities, aiming to expand into new global markets and deepen its integration with clinical research organizations. The company’s automation solutions reduce the risk of human error in trial documentation and improve patient engagement by making the trial process more accessible and seamless. This expansion aligns with R.grid’s broader goal of setting new standards for digital transformation in clinical research.
CEO’s Insights
Dr. Amber Hill, CEO and founder of R.grid, expressed her excitement about the funding:
“We are thrilled to have the support of such a strong group of investors as we embark on the next phase of R.grid’s growth,” said Dr. Hill. “Clinical trials are at the heart of medical innovation, and our technology is designed to make these processes faster, more efficient, and ultimately more successful. This funding will help us continue to optimize our platform and make life-saving drugs more accessible to patients worldwide.”
What the investors have to comment
Shiv Patel, Partner at Fuel Ventures, emphasized the importance of automation in clinical trials:
“While AI is making significant waves in drug discovery, clinical trials are still the main barrier to medicine reaching those who need it. Research Grid is strategically positioned to meet the growing demand for automating clinical trials at scale. With validation from major players in the U.S. and Europe, including big pharma and contract research organizations, we believe the company is well on its way to becoming a leader in this space.”
Look Ahead
With the clinical trial market expected to exceed $95 billion in the next five years, Research Grid’s mission, proposition, and growth trajectory are poised for significant impact. The successful seed round underlines the growing role of artificial intelligence in transforming clinical trials. As automation becomes essential for overcoming challenges in trial management, R.grid’s innovative platform is poised to drive meaningful change in the medical research sector.
For more information, visit R.grid on Linkedin