North West | Finance, business | Technology & innovation
St. Petersburg start-up makes inroads into Bavarian market
21 Aug '17
Data MATRIX, a St. Petersburg start-up developing clinical data processing solutions, has opened a rep office in Munich, in southern Germany, and joined the Bavarian biotech cluster, Russian portal Firrma.ru reported, citing a source in the start-up.
Data MATRIX is reportedly expecting the new office to facilitate the Russian companyĺs interaction with international customers. The start-up also hopes to find prospective partners among Bavarian cluster resident companies.
The St. Pete start-up will offer its new clients the companyĺs existing products and services, as well as its new R&D product for clinical trial control called CTMS.
Set up three years ago, Data MATRIX has come up with special software to arrange and manage clinical trials. Its current portfolio reportedly includes more than 100 projects for pharmas, biotech companies, and contract research organizations (CROs).
At the end of last year Data MATRIX raised a reported $2.8m from the Russian government-owned Internet Initiatives Development Fund (known in Russia under the FRII abbreviation) and Primer Capital, a Russian private venture fund. The start-up has used the money to step up project development and prepare for foreign market entry.