SAN FRANCISCO, Dec. 27, 2012 /PRNewswire/ -- goBalto, Inc. (www.gobalto.com) announced today that it closed a $12 million round of venture financing, led by EDBI, the global investment arm of Singapore's Economic Development Board, with participation from new investor Qualcomm Life Fund, a $100 million investment allocation that is managed by Qualcomm Ventures, Qualcomm's investment group. This round includes existing investors Aberdare Ventures, West Health Investment Fund, and Founding CEO Jae Chung. The new round of funding brings goBalto's total financing to $21 million.
goBalto plans to use these funds to enhance its flagship platform for clinical study startup with new product capabilities that will help support the demands of the growing clinical research market.
"The clinical research industry still has to make do with decade-old legacy solutions. With this financing, we will be able to support the growing global demand of enterprise customers seeking user friendly, cloud-based collaboration technologies that accelerate the delivery of medicines to those in need," said Jae Chung, CEO of goBalto.
"goBalto's next generation solution for clinical trials workflow will strengthen Singapore's position as the Asia Pacific clinical trials hub by enhancing the efficiency of top tier sponsors and CROs based here," said Ms Swee-Yeok Chu, CEO & President of EDBI. "We look forward to working closely with goBalto to extend its global footprint through Singapore, leveraging on EDBI's extensive international networks and experience in Asia."
"The cost of clinical development has been on the rise at an alarming rate in recent years," said Jack Young, Director of Qualcomm Ventures. "Adopting digital and mobile technologies could potentially increase the efficiency and reduce errors. Qualcomm together with a growing number of eco-system partners which offer a variety of wireless health solutions are well-positioned to help the industry. We see synergy by teaming with goBalto."