Research Grid Secures £5M to Revolutionize Clinical Trials

Deal News | Nov 10, 2024 | Business Cloud

Research Grid Secures £5M to Revolutionize Clinical Trials

Research Grid, an AI startup specializing in automating back-office administration for clinical trials, has successfully raised a £5 million seed round. The funding, led by Fuel Ventures with several other notable investors, aims to address clinical trial inefficiencies caused by outdated systems and manual processes, often resulting in costly delays and reduced patient engagement. By developing products such as Inclusive and TrialEngine, Research Grid offers an integrated solution that automates the patient recruitment process and manages trial administration efficiently. The funds will be utilized to enhance research and development, especially in AI automations, while also scaling the engineering teams and expanding the startup’s presence in the US and Asian markets. Founded by Dr. Amber Hill, an expert in AI and biomedical neuroscience, the company envisions an automation engine for clinical trials, making them faster and more successful. The startup's innovative approach promises to alleviate common bottlenecks in the drug development pipeline.

Sectors

  • MedTech
  • AI Technology
  • Venture Capital

Geography

  • United Kingdom – Research Grid is a UK-based company and the seed funding was raised in the UK.
  • United States – Research Grid plans to expand its presence in the US market as part of its growth strategy.
  • Asia – The company's growth strategy includes expanding its presence in Asian markets.

Industry

  • MedTech – The article involves an AI startup that is focused on solving inefficiencies in clinical trials, thereby contributing to the medical technology sector.
  • AI Technology – Research Grid uses artificial intelligence to automate processes within clinical trials, enhancing efficiency and effectiveness.
  • Venture Capital – The funding round for Research Grid was led by several venture capital firms, highlighting the role of VC in financing innovation in technology and healthcare.

Financials

  • £5 million – Seed round funding raised by Research Grid to develop its AI solutions for clinical trials.

Participants

NameRoleTypeDescription
Research GridTarget companyCompanyAn AI startup focused on automating back-office administration for clinical trials.
Fuel VenturesLead investorCompanyA venture capital firm leading the seed funding round for Research Grid.
Arve CapitalInvestorCompanyA venture capital firm participating in the funding round.
Ada VenturesInvestorCompanyA venture capital firm participating in the funding round.
Morgan Stanley Inclusive Ventures LabInvestorCompanyAn investment firm focused on promoting inclusive growth by supporting startups.
Arya VenturesInvestorCompanyA venture capital firm participating in the funding round.
Ascension VenturesInvestorCompanyA venture capital firm participating in the funding round.
Plug and Play VenturesInvestorCompanyA venture capital firm participating in the funding round.
Atomico AngelsInvestorCompanyAngel investors network affiliated with Atomico, participating in the funding round.
Dr. Amber HillFounder and CEOPersonFounder of Research Grid with a background in AI and biomedical neuroscience.