Data MATRIX to raise RUB 160 mln investments
In a joint investment round the Internet Initiatives Development Fund (IIDF) will be the leading investor with an estimated investment of RUB 150 mln. Data MATRIX also raised RUB 10 mln from Primer Capital venture fund.
Data MATRIX’ solution is the first Russian clinical trial management system developed in line with international standards. Data MATRIX CEO Ivan Dobromyslov comments, «Our product is designed to optimize patient randomization, drug supply management, data collection and safety monitoring. In the future, we expect to add new modules to control clinical trial financial budget, provide quality assurance, project management, etc.»
In this transaction, the Skolkovo Investment Service acted as an investment consultant and was actively involved in the company’s fundraising raising campaign. Data MATRIX has been a resident of Skolkovo Biomed Cluster since 2014. «We believe Data MATRIX is one of the most promising companies in medical IT. In a few short years, the team managed to grow from the clinical data management startup to the business entity which now is attractive for Russian biotech companies and CROs and which can compete with the foreign software developers in this sector with high levels of M&A activity», says Head of Investment Office at Skolkovo Foundation Vladimir Sakovich. The Skolkovo Intellectual Property Center provided legal support for this transaction.
The raised funds will be used for further development of the product and expansion into new markets. Primer Capital CEO Ekaterina Teplukhina comments, «This business niche is quite specific. Existing global market solutions are often too complicated, require additional user skills or just too expensive for most of users. Data MATRIX’ solution satisfies the need in a relatively simple software product for solving all tasks as part of a clinical trial.»
«Every year the number of new medical products grows by 5%. In recent years, the number of trials in oncological products has increased. This requires more complicated clinical trial designs and increase in trial-related costs. Approximately 20% of trials in the USA already need adaptive design. We see that the solution is in demand on the market — Data MATRIX team already works with big companies and shows great results,» says Sergey Negodyaev, Director of Portfolio Management at IIDF.