TRI raises multi-million growth funding from Octopus Investments to expand its Risk-Based Monitoring platform for clinical trials
15th October 2018, LONDON, UK – 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.
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 who operate within the broader clinical trials market.
“Our mission is to improve clinical trial outcomes through intelligent application of technology” said 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.”
Funding was raised through Octopus Investments, part of the Octopus Group headquartered in London. “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” said Grant Paul-Florence, Head of Intermediate Capital at Octopus Investments.
Notes to Editors
Triumph Research Intelligence (TRI) is a leading provider of Risk Based Monitoring (RBM) solutions for clinical trials. It is based in Cambridge, UK, and Raleigh, North Carolina in the United States. Over 45% of failed drug trial submissions are due to data quality and cost the industry hundreds of millions of dollars each year. TRI was founded in 2011 by CEO Duncan Hall to directly address this issue. TRIs products, solutions and services are designed to optimize trial quality by improving data reliability and at the same time increase patient safety and operational efficiency.
Octopus Investments, part of the Octopus Group, is an award-winning, fast-growing UK fund management business with leading positions in tax-efficient investments, multi manager funds, and UK smaller company financing. We can back companies through their growth cycle from early stage to those listed on AIM, providing investors with the opportunity to benefit from our active management and expertise. We manage assets for retail investors and institutions including pension funds, asset managers, fund-of-funds and family offices. And we’re changing the world of investments for the better by offering a straight-talking approach to investing, exceptional customer service and a range of products that aim to do what they say they will.
Octopus is a group of companies that invests in the people, ideas and industries that will help to change the world. We are experts in smaller companies, renewable energy and healthcare infrastructure. We currently manage more than £8.3 billion on behalf of our customers. Octopus Energy, Octopus Healthcare, Octopus Investments, Octopus Labs, Octopus Property and Octopus Ventures are all part of Octopus Group. Visit octopusgroup.com.