Qualcomm Life Fund [QLF], a healthcare fund run by US-based semiconductor company Qualcomm’s corporate venturing unit, has sealed its eighth deal.
Qualcomm Life Fund, managed by Qualcomm Ventures, has backed GoBalto, a US-based clinical study startup, as part of a $12m round. The series B round was led by EDBI, the investment unit of Singapore’s Economic Development Board.
GoBalto’s flagship product is Tracker, – a clinical research tool which allows clinical trial sponsors and research organizations to study patients.
The round included existing investors, West Health Investment Fund, part of healthcare cost reduction-focused organisation West Health, and venture firm Aberdare Ventures, as well as GoBalto’s founding chief executive Jae Chung. The round takes GoBalto to $21m raised.
Jack Young, director of Qualcomm Ventures, said: “The cost of clinical development has been on the rise at an alarming rate in recent years. Adopting digital and mobile technologies could potentially increase the efficiency and reduce errors. Qualcomm together with a growing number of eco-system partners which offer a variety of wireless health solutions are well-positioned to help the industry. We see synergy by teaming with GoBalto.”
Young added: “The QLF builds an investment thesis by identifying a number of verticals with strong and sustainable drivers, right market timing, and massive adoption potential where we look for investment. Currently the verticals we are focusing on are: wellness/fitness, chronicle disease management, aging-in-place, transitional care, clinical trial and telemedicine/telehealth.”
GoBalto was founded in 2008 in Silicon Valley by Jae Chung. Last year GoBalto raised $8.5m, according to two filings with US regulator Securities and Exchange Commission.