SAN FRANCISCO, October 19, 2011 /PRNewswire/ --
goBalto, developer of new generation web-based clinical research solutions, announced today that it has raised an undisclosed amount in Series A financing from Silicon Valley-based health technology investors Aberdare Ventures and the West Health Investment Fund. The funds will be used to expand goBalto's corporate activities and to enhance Tracker™, its Software-as-a-Service (SaaS) clinical trials platform that was launched in June 2011.
"This funding is testimony to goBalto's roadmap for providing cost-effective, easy-to-use clinical trials solutions to the pharmaceutical, biotechnology and medical device industries," said Jae Chung, founder and CEO of goBalto. "Since its creation, goBalto has been led and supported by leading health and software engineering veterans. Our new partners will strengthen our team's mission to support customers as they embrace the use of the cloud to adjust to regulatory changes and costs associated with bringing new products through to market."
"Jae has purposefully built a team merging top technical talent with deep clinical research knowledge to develop Tracker," added Darren Hite, principal at Aberdare Ventures. "goBalto's software products streamline workflow, reduce clinical trial startup time and costs, but perhaps most importantly, are intuitive and enjoyable for all stakeholders to use."
"This investment reflects Silicon Valley's growing interest in creative startups that are applying cloud technology to health, with the potential to significantly lower health care costs," said Don Casey, manager of the West Health Investment Fund.
Mohit Kaushal, co-manager of the West Health Investment Fund, added, "We're very excited to work with goBalto to help reduce barriers for companies to conduct clinical trials. Decreasing the cost of innovation within health care is a core focus for the West Health Investment Fund."
As part of the financing, goBalto will create a board of directors including Jae Chung and Darren Hite. Mohit Kaushal will serve as an independent board observer.
Previously, the company had been financed by investments from Jae Chung and angel investors.
goBalto is a developer of new generation web-based solutions that simplify how clinical trials are conducted in the pharmaceutical, biotechnology and medical device industries. Tracker™, launched in June 2011, is the first purpose-built Software-as-a-Service clinical research tool that enables clinical trials sponsors to collaborate with multiple partners directly from the web in a transparent and regulatory compliant manner. Founded in Silicon Valley in 2008 by biotechnology industry veteran Jae Chung and backed by leading health technology investors, goBalto applies Agile and lean startup methodologies to building technological solutions that address evolving global healthcare. Visit http://www.gobalto.com for more information.
About Aberdare Ventures
Aberdare Ventures is a venture firm that focuses on a limited number of entrepreneurial teams committed to building leading healthcare technology companies. They limit their commitments in the belief that their involvement can increase the probability of success for their portfolio companies and generate greater returns for their investors. Visit http://www.aberdare.com for more information.
About The West Health Investment Fund
The West Health Investment Fund (http://www.westhealthfund.com) is the first investment fund with the mission to lower health care costs for the public by providing risk capital for health care technologies and services. Launched by entrepreneurs and philanthropists Gary and Mary West, the Fund aims to spur a whole new ecosystem for low cost health care innovation.
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