DOYLESTOWN, Pa., Oct. 10, 2023 — Korio, Inc., a pioneering technology-first Randomization & Trial Supply Management (RTSM) company, announced the successful conclusion of a $6.8 million funding round, aimed at catalyzing the widespread adoption of the company’s cutting-edge clinical trial software platform.
Excelerate Health Ventures, a leading digital health-focused venture capital firm, led the financing round with participation from syndicate partners Boston Millennia Partners and other strategic investors. The substantial infusion of capital positions Korio for significant expansion, enabling it to bolster its team and respond to increasing demand from life sciences and clinical research organizations.
Founded in 2021 by industry veterans with a vision to revolutionize clinical trial management, Korio set out to challenge the status quo of complex, manual processes that have long plagued RTSM providers’ workflow and delivery models.
“For decades, the pharmaceutical industry has borne the brunt of short-sighted technology choices made by RTSM providers, hindering their ability to scale while meeting the evolving demands of clinical trials,” said Ryan Keane, Co-Founder and CEO of Korio. “Our approach is purpose-built to tackle these challenges, with a keen awareness of the rapid changes occurring in clinical development. With the support of our new investment partners, we are poised to scale our efforts significantly.”
Korio has recently formalized a strategic partnership with one of the world’s top 5 global biotechnology companies – adding to the roster of its customers – focusing on supporting clinical trials in personalized medicine. This partnership will also pave the way for innovative approaches to how clinical systems operate in this evolving landscape of clinical trial design.
Bobby Bahram, a partner at Excelerate Health Ventures, commended Korio’s advanced platform, stating, “Korio’s platform represents a quantum leap in enabling the realization of long-standing aspirations for RTSM, including feature reusability, process repeatability, system performance, and overall system quality. The Korio team’s unwavering commitment to elevating the site and sponsor experience in RTSM is truly remarkable, and we eagerly anticipate the next phase of their journey.”
About Korio
Korio’s mission is to empower individuals to accomplish more with clinical technology. By integrating the unique insights and expertise of the industry’s leading subject matter experts into our platform, Korio is reshaping the landscape of clinical trial setup and management. Korio’s platform instills confidence, streamlines processes, and consistently delivers predictable outcomes, all within shorter timeframes. In the ever-evolving world of clinical trials, we believe that Korio is your trusted co-pilot to success. For more information, visit https://www.korioclinical.com/ and follow us on LinkedIn.
SOURCE Korio, Inc.
