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.