The Global Opportunity Pennsylvania Fund II LP, also known as the GO PA Fund, has staked an investment in a local company.
The fund announced on Wednesday that it is investing $2 million in Rimsys Inc., a Pittsburgh-based firm that develops regulatory information management software for medical technology companies. It’s the first investment by the GO PA Fund outside of the Philadelphia region since it launched in 2023. The investment is part of a $5 million round for Rimsys.
The North Side-based company was founded in 2017. It lists 21 local employees on the Pittsburgh Business Times’ List of life sciences/medical device firms published in March 2024.
Rimsys counts Johnson & Johnson, Siemens Healthineers and Terumo amongst its customers for its platform, which Rimsys says helps medtech manufacturers accelerate time-to-market and strengthen global compliance. It closed a $16 million Series A funding round in 2021.
James Gianoutsos, founder and CEO of Rimsys, said in a release that the investment from GO PA Fund will help the company “enter a new growth phase.”
“Our next phase of growth builds on our mission to increase accessibility to life-changing medical technologies with a focus on regulatory intelligence, submissions management, and UDI enhancements and thoughtfully incorporating advanced technologies like AI into our roadmap to meet growing demand and changing global regulatory requirements,” Gianoutsos said. “We are grateful to work with firms that are committed to nurturing innovation in the Pittsburgh region, which has given so much opportunity to us.”
Investors in Rimsys’ Series A round included Silicon Valley-based Bessemer Venture Partners, as well as Allos Ventures and Pittsburgh-based Innovation Works. In this most recent $5 million round, existing investors also participated, including Innovations Works' venture capital affiliate, Riverfront Ventures.
Innovation Works is also one of several entities that’s a part of the GO PA Fund, which also includes the Ben Franklin Technology Partners of Southeastern Pennsylvania, Northeastern Pennsylvania and Northern Pennsylvania. The GO PA Fund has raised $32 million so far and invests in technology-based companies in the state “with the goal of advancing the competitiveness of Pennsylvania’s companies and universities in the global economy.”
“Rimsys has a market-leading solution that helps medtech companies navigate the regulatory challenges that can delay or even disrupt innovation and market entry," Ven Raju, president and CEO at Innovation Works and managing director at Riverfront Ventures, said in a release. "This investment, in collaboration with the GO PA Fund, underscores our collective commitment to supporting promising companies in the Commonwealth of Pennsylvania."
An earlier version of this article incorrectly attributed the entire $5 million funding round to GO PA Fund. GO PA Fund contributed $2 million to the round in addition to investment from existing investors and Riverfront Ventures.
