Strategikon Announces New Funding from Tech Coast Angels Orange County
Tech Coast Angels Orange County is pleased to announce its investment of $230,000 in clinical trial management software startup Strategikon Pharma.
Strategikon is the developer of Clinical Maestro™, an end-to-end, B2B SaaS solution for clinical trial planning, budgeting and procurement. Strategikon estimates that its technology solution provides greater than 95% accuracy in clinical study modeling and saves months on the development timeline. Launched in January 2019, Clinical Maestro has customers ranging from small to top pharma & biotech, and has been used to model more than 100 clinical studies and outsource $200M+ in clinical trial services.
“We are excited about this investment from Tech Coast Angels Orange County. It will allow us to expand both business development and project delivery activities to support our growing customer base,” said Strategikon CEO, Anca Copaescu. “Working with such a large and experienced group of angel investors has brought us an invaluable network of domain resources with deep relationships in the life sciences industry”.
Tech Coast Angels OC member Rob Pickell had substantial SaaS experience and led the due diligence for Tech Coast Angels.
He added: “We were pleased to meet Anca Copaescu and learn about Strategikon’s innovative approach to the clinical business management market. Strategikon is a great example of the type of entrepreneurship that TCA members like to support.”
The new investment in Strategikon was the third equity investment from Tech Coast Angels Orange County’s 2020 chapter fund (which has already made 10 investments in 2020). A new pool of startup capital collected from TCA members, the fund’s goal is to invest in 10-15 new companies each year.
“The new TCA OC 2020 chapter fund is the first of our annual investment funds, and we're off to a strong start," said Jim Pickell, Fund Chair. “We’re putting early stage capital to work more quickly and efficiently than ever before through this new structure" said David Friedman, President of Tech Coast Angels Orange County. "We invite startup growth company CEOs to contact Tech Coast Angels to learn more.”
Regulatory and market pressures require efficient business processes and tight financial controls, yet most biopharmaceutical companies and their suppliers use Excel and basic procurement portals to manage $40 billion a year in outsourcing spend for clinical trials. The current approach is labor intensive and expensive, costing billions in internal infrastructure and study start-up delays. To address these pain points, Strategikon launched Clinical Maestro™, the first-to-market end-to-end SaaS solution to manage clinical trial planning, outsourcing and budget management, resulting in >75% efficiency in clinical business management process.
ABOUT TECH COAST ANGELS
Tech Coast Angels (TCA) is one of the largest and most active angel investor networks in the nation, and a leading source of funding for seed-stage and early-stage companies. The angel network is comprised of five chapters, consisting of over 450 members in Southern California. Every TCA member is an accredited investor, and companies in which TCA invest go through well-structured, transparent, time-efficient screening and due diligence. TCA members are founders and business leaders who have extensive knowledge in the investment process and world-class business practices, and thus are able to provide companies with more than just capital: they also contribute counsel, mentoring and access to an extensive network of investors, customers, strategic partners and management.
Since its founding in 1997, TCA has invested over $240 million in more than 435 companies and has helped attract more than $1.6 billion in additional capital/follow-on rounds. http://www.techcoastangels.com
SOURCE: Tech Coast Angels
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