SAN DIEGO, Nov. 15, 2019 /PRNewswire/ -- Teal Ventures announced that it made a Pre-Seed investment in Trials.ai in October.
Teal Ventures selected Trials.ai as the fourth company in its Fund I portfolio, joining 19Labs, Mobile Medical Office, and Neuralace.
"Trials.ai is a superb example of the early stage companies we look for. CEO Kim Walpole is already an experienced startup leader, and has attracted strong staff and advisors who will be key to Trials.ai rapid growth," notes Ron Demuth, General Partner of Teal Ventures, adding that "Trials.ai has identified clinical trials as a segment of the healthcare ecosystem poised for AI-driven optimization and innovation. Indeed Trials.ai already has commercial traction, hence validating this market."
"It typically costs over $2B to bring a single drug candidate into late-stage clinical trials. Unfortunately, almost half of those clinical trials are failing because of poorly designed protocols. That means billions of dollars are squandered every year on preventable mistakes," says Kim Walpole, CEO, Trials.ai. "We are on a mission to get effective treatments to patients faster, and we do that by using AI to give brilliant research teams key insights and recommendations from vast amounts of data."
Trials.ai, a Digital Health company using frontier technology to transform the clinical trial ecosystem with their Smart Protocol Solution, has secured $1.3M in an oversubscribed funding round to accelerate the deployment of their AI-enabled software that intelligently guides research teams through the development of their clinical trial protocols. This raise brings Trials.ai's total funding to $2M. In addition to Teal Ventures, new and existing investors include Amplify LA, Sway Ventures and Nex Cubed.
About Teal Venture Partners
At Teal Venture Partners, entrepreneurs are our lifeblood. We partner with the best entrepreneurs in breakthrough health tech innovation. We understand the trends and fundamentals driving this sector and provide hands-on support to founders and management teams. Our Partners are startup founders and CEOs with more than 75 years combined experience in healthcare investing and operations. We focus on B2Practioner and B2Patient digital health services enabled by 5G communications, AI decision support and process automation, and blockchain for business process automation. [teal-ventures.com]
Teal Venture Partners