Korio Secures Series A Funding to Accelerate Growth of Innovative Randomization & Trial Supply Management (RTSM) Platform
Investment Signals Strong Market Demand for Flexible, High-Quality Solution
DOYLESTOWN, Pa., Sept. 10, 2024 /PRNewswire/ -- Korio, Inc., the pioneering Randomization & Trial Supply Management (RTSM) technology company, today announced the successful completion of its Series A funding round led by BIP Ventures, with participation from existing investors Excelerate Health Ventures, Boston Millennia Partners, and other strategic investors. This investment is driven by strong customer demand for Korio's flexible and quality-focused RTSM platform.
This latest funding round comes a year after Korio's initial seed funding in September 2023, demonstrating the market's enthusiastic response to Korio's innovative approach in addressing critical RTSM challenges faced by clinical trial sponsors.
"We're excited to support Korio in their mission to reshape the RTSM landscape," said Austin Poole, General Partner at BIP Ventures. "In an industry where legacy solutions often struggle with the growing complexity of study designs, Korio's RTSM platform successfully solves issues like delays, quality concerns, and excessive costs."
Korio has seen a surge in customer adoption over the last year, with trial sponsors praising the platform's ability to adapt to their unique study requirements. This growth underscores Korio's success in meeting the diverse needs of today's increasingly complex clinical trial landscape.
"Our decision to reinvest in Korio was driven by the remarkable progress they've made since our initial funding," said Bobby Bahram, managing partner at Excelerate Health Ventures. "Trial sponsors and sites alike are reporting a vastly improved RTSM experience. Korio's platform is not just solving current industry pain points but is also designed to adapt swiftly to evolving clinical trial needs, ensuring customers are well-equipped for future challenges."
The investment will be used to fund Korio's continued global expansion, with focus on its expert client services and support team.
"We are thrilled to have BIP Ventures as a new investor and partner," said Ryan Keane, Co-founder and CEO of Korio. "This funding is a direct result of the trust our customers have placed in us and their desire to see our solution reach more trials. Our growth to date has been fueled by word-of-mouth from satisfied customers, and this investment will allow us to meet the increasing demand while continuing to innovate based on customer feedback."
About BIP Ventures
BIP Ventures, the North American-focused venture capital division of BIP Capital, is one of the Southeast's largest and most active VC firms. BIP Ventures partners with extraordinary founders to drive exceptional outcomes. Since 2007, BIP Ventures has invested in the success of B2B software and tech-enabled service businesses at all stages of maturity. In addition to capital, it supports entrepreneurs with access to infrastructure, acumen, and talent that results in category-leading companies. A distinct multi-stage investment platform drives consistent top-quartile returns. For more information, visit bipventures.vc or follow BIP Ventures on LinkedIn, Instagram, or Twitter @bipventures.
About Korio
Korio is the Randomization & Trial Supply Management (RTSM) platform for quality, speed and reliability, backed by decades of expertise so you can be Ready for the Trials Ahead℠. Adapting faster to protocol changes. Easily surfacing audit trail and cross-portfolio data. Rapidly flagging integration disruptions - and when you need guidance, providing access to knowledgeable and responsive RTSM experts all on a simple, user-friendly platform. No matter what trials you may face, Korio is built ready so nothing disrupts your journey to clinical trial success. To learn more visit korioclinical.com.
SOURCE Korio, Inc.
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