Kivo, Inc., a provider of regulatory software, today announced it has closed a $3 million seed round of funding. Kivo will use the investment to scale engineering and sales to meet the growing demand for Kivo's Regulatory Information Management (RIM) platform.
Kivo spun out from regulatory strategy and consulting leader Facet Life Sciences at the beginning of the year and launched its new regulatory information management platform in March. Built from the ground up to support how emerging life science companies manage regulatory workflows, Kivo has received a warm reception from customers struggling to find a cost-effective way to maintain compliance. Momentum for the new company has been swift, with revenue nearly doubling in the first quarter alone.
"As we talk to more and more customers, it's clear that the way emerging companies approach drug development has evolved significantly in the past several years. Those changes have outpaced the rate of innovation in existing tools", said CEO Toban Zolman. "We offer companies a path to effectively manage documents and submissions that align with how they conduct research, collaborate with partners, and grow their teams. With Kivo, they can focus on the business of researching groundbreaking drugs, not on software implementation projects."
Kivo's cloud-based architecture enables new customers to be up and running in a validated environment in hours. With immediate access to eCTD document templates and submission tools Kivo reduces timeframes for an IND or other submission.
"This investment accelerates our ability to deliver features to customers and build even more sophisticated tools for regulatory management," Zolman added.
Kivo's seed round was co-led by Facet Life Sciences and Oregon Venture Fund with participation from Rogue Ventures, Cascade Seed Fund, and Peninsula Ventures. Based in Portland, Ore, Kivo is led by CEO Toban Zolman. Zolman's background includes multiple leadership roles at electronic submission publishing pioneer ISI before leading product development at FinOps company Cloudability and Commercial IoT leader Rigado. Zolman is joined by COO Greg Rau, a veteran of high-growth Enterprise SaaS companies, including Unicru, StepChange, and Rigado.
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