New York-based AI startup Research Grid raises $6.5 million to enhance its automation capabilities in clinical trial management, aiming to reduce inefficiencies and costs in the sector.
Research Grid, an innovative artificial intelligence (AI) startup headquartered in New York City, has successfully raised $6.5 million in a recent funding round, aimed at bolstering its capabilities in automating the administrative processes of clinical trials. Spearheading this funding round was Fuel Ventures, accompanied by a consortium of investors including Arve Capital, Ada Ventures, Morgan Stanley Inclusive Ventures Lab, Arāya Ventures, Ascension Ventures, Plug and Play Ventures, and Atomico Angels.
The company, led by CEO and Founder Dr Amber Hill, plans to channel these new funds into research and development, with a focus on advancing AI automation technologies and expanding its engineering workforce. Additionally, Research Grid intends to enhance its marketing and sales operations as it broadens its presence in both the United States and Asian markets.
Research Grid offers a comprehensive suite of tools aimed at revolutionising clinical trial management. The company’s flagship offerings include ‘Inclusive’, a platform designed for patient recruitment and engagement that provides rapid access to a network of over 91,000 global communities encompassing more than 2,050 medical conditions. This platform also manages essential administrative tasks such as patient outreach, payment processing, and data handling.
Furthermore, Research Grid’s ‘TrialEngine’ product seamlessly interfaces with the Inclusive platform to manage administrative, data, and reporting tasks throughout the duration of a clinical trial. This product utilises the company’s proprietary AI algorithms to streamline processes such as protocol generation and data extraction, significantly reducing the reliance on traditional, more labour-intensive software systems that often lead to costly delays in trials.
Dr Amber Hill, drawing from her 14 years of experience as a medical researcher, noted the inefficiencies inherent in current clinical trial administration. She emphasised the burdensome role of manual data entry and administration, highlighting Research Grid’s mission to create a more autonomous environment for conducting trials. According to Dr Hill, these efforts are pivotal in reducing costs for both patients and research institutions and enhancing the speed and effectiveness of clinical trials.
Responding positively to the company’s vision, Shiv Patel, Partner at Fuel Ventures, highlighted the significant growth potential of the clinical trial sector, which is anticipated to reach over $95 billion in five years. Patel expressed confidence in Research Grid’s mission and trajectory, referring to the startup’s growing influence in the field as a promising indicator of future success.
The latest funding round is set to empower Research Grid to scale operations and deliver enhanced features, addressing the evolving needs of its client base, which includes pharmaceutical companies, contract research organisations (CROs), and clinical research sites. With these strategic investments, Research Grid is positioned to continue its growth trajectory, potentially transforming the landscape of medical research administration through AI-driven solutions.
Source: Noah Wire Services
More on this & verification
- https://siliconvalleyjournals.com/research-grid-raises-6-5m-to-streamline-clinical-trials-with-ai/ – Corroborates the $6.5 million funding round led by Fuel Ventures and the participation of other investors, as well as the company’s plans to enhance AI automation and expand its presence.
- https://tech.eu/2024/11/06/research-grid-raises-6-5m-in-seed-funding-to-speed-up-clinical-trial-admin/ – Confirms the funding round details, the involvement of various investors, and the company’s strategy to invest in R&D and expand its marketing and sales functions.
- https://www.prnewswire.com/news-releases/research-grid-raises-6-5-million-to-make-clinical-trials-admin-free-302297019.html – Supports the funding amount, the lead investor, and the participation of other investors, as well as the company’s mission to automate clinical trial administration.
- https://www.mobihealthnews.com/news/research-grid-secures-65m-ai-automation-engine-clinical-trials – Details the funding round, the products offered by Research Grid (Inclusive and TrialEngine), and the company’s plans for expansion and R&D.
- https://www.finsmes.com/2024/11/research-grid-raises-6-5m-in-funding.html – Confirms the funding details, the company’s products, and its plans to invest in R&D and expand its marketing and sales operations.
- https://siliconvalleyjournals.com/research-grid-raises-6-5m-to-streamline-clinical-trials-with-ai/ – Provides information on Dr. Amber Hill’s background and the company’s mission to automate clinical trials, reducing inefficiencies and costs.
- https://tech.eu/2024/11/06/research-grid-raises-6-5m-in-seed-funding-to-speed-up-clinical-trial-admin/ – Quotes Dr. Amber Hill on the inefficiencies in current clinical trial administration and the company’s goal to create an admin-free environment.
- https://www.prnewswire.com/news-releases/research-grid-raises-6-5-million-to-make-clinical-trials-admin-free-302297019.html – Details the inefficiencies in clinical trial administration highlighted by Dr. Amber Hill and the benefits of Research Grid’s AI-powered solutions.
- https://www.mobihealthnews.com/news/research-grid-secures-65m-ai-automation-engine-clinical-trials – Explains the role of Inclusive and TrialEngine in managing clinical trials and the use of AI algorithms for automation.
- https://www.prnewswire.com/news-releases/research-grid-raises-6-5-million-to-make-clinical-trials-admin-free-302297019.html – Quotes Shiv Patel on the growth potential of the clinical trial sector and his confidence in Research Grid’s mission and trajectory.
- https://www.finsmes.com/2024/11/research-grid-raises-6-5m-in-funding.html – Supports the company’s plans to scale operations, deliver enhanced features, and its growing influence in the clinical trial sector.
- https://news.google.com/rss/articles/CBMifkFVX3lxTE1PelhoOTZfS0RGX3FQakpwNFJBMXBxOW5hREdTS2lmSWJvTEFiaURHMEx3MEoxN1dKRHZjMkxHdnFxc2ZGWXJlbzNucHJsRVBNNEY5cjM2U1hBOENjNlRjei1oSUs0d0xXdjJKUXYxZjlFUHB0ZEY0WmRhQko0dw?oc=5&hl=en-US&gl=US&ceid=US:en – Please view link – unable to able to access data
