TRI, a leading global provider of Risk-Based Monitoring (RBM) solutions for clinical trials, has completed a growth capital fundraise to accelerate development of its core technology platform, OPRA and expand its international presence.
Funding was raised through Octopus Investments, part of the Octopus Group headquartered in London.
Founded in 2014, TRI developed the first dedicated cloud-based software for RBM, enabling early risk detection, improved data quality, increased operational efficiency and compliance with regulatory requirements. The adoption of new regulatory guidance requiring risk to be considered from the start of a trial has driven demand for OPRA. TRI’s clients include pharmaceutical companies, Clinical Research Organisations (CROs) and BioTech start-ups which operate within the broader clinical trials market.
“Our mission is to improve clinical trial outcomes through the intelligent application of technology,” says Duncan Hall, CEO and founder. “We couldn’t be more excited with the progress to date and the opportunities our partnership with Octopus Investments brings. This funding allows us to accelerate OPRA development and ensure our position as the ‘must-have’ solution for improving operational efficiency, trial quality, and patient safety.”
“We’re very pleased to have completed this investment and have enjoyed working with the highly experienced team at TRI. We believe they have the right skills, product and ambition to develop OPRA into the world’s leading RBM platform and we are delighted to be able to support the team on this journey,” says Grant Paul-Florence, Head of Intermediate Capital at Octopus Investments.
