Clinical trial software company Medrio has raised $30 million in new funding from Questa Capital Management. This is the first ever institutional funding round for the 12-year-old company, and will be used to support growth as well as the development of new software programs.
“Over the past twelve years, we have grown Medrio to be a leader in the eClinical market and are excited to partner with Questa as we now embark on the next stage of the company’s growth,” founder and CEO Mike Novotny said in a statement. “This investment will enable us to expand the adoption of our integrated product offering and invest in the next generation of software applications for our global customer base. We are thrilled to have a partner with such a deep understanding of the healthcare IT space and a great appreciation for our mission to bring greater efficiency to the clinical development process.”
Medrio offers a cloud-based electronic data capture product for clinical trials called CloudEDC. As well as being usable from mobile devices, Medrio's offering is cheaper than many competing EDC systems and boasts an easy setup process that trial managers can do themselves. Since the company was founded in 2005, more than 2,000 clinical trials have used Medrio software. Medrio also offers a version of its software free of cost to universities.
Questa Capital, the sole investor in this round, is a relatively new VC firm focused on growth-stage healthcare technology companies. Two managing directors at Questa, Ryan Drant and Brad Sloan, will join Medrio's board of directors.
“Over the many years we have known Medrio, we have been impressed with their success in the eClinical market,” Sloan said in a statement. “Given our deep experience base in healthcare IT and pharma services, we look forward to assisting the company to further its growth and thought leadership, and to enhance the range of solutions it provides to customers.”