Medtech software company secures $1.5 million investment

Regulatory information management software company, Rimsys, has announced the closure of a $1.5 million investment round, led by Allos Ventures.

Rimsys, who designs software specifically for medical technology companies, will use funds raised from the financing round to support the company through planned expansions of its product offering, sales, and marketing execution.

Rimsys’ solution aims to integrate with manufacturers’ existing quality management systems, product lifecycle management systems, and sales and distribution software systems. The organisation’s customers currently include companies such as Johnson & Johnson and Terumo.

James Gianoutsos, founder and president of Rimsys, said: “Complex regulatory challenges create barriers that delay product time-to-market, stall revenue growth and increase exposure to compliance risks for even the most experienced medtech companies.

“Regulatory teams are in need of digital solutions that provide more efficient and compliant ways to commercialise their products worldwide. Rimsys offers the only holistic regulatory information management platform, built upon decades of medtech experience, that consolidates all the critical functions of regulatory affairs, making global product registrations, standards management, essential principles/GSPR management, and regulatory intelligence easy.”

John McIlwraith, managing director at Allos Ventures will join Rimsys’ board of directors. McIlwraith commented: “The maze of global regulations covering medical technology is growing more complex and frequently results in dead ends and delays that can greatly impact commercialisation of these products.

“This financing round will enable the company to further accelerate its momentum with large enterprise customers.”