Funding accelerates development of product roadmap, internal infrastructure, and sales and marketing plans in response to significant growth
DURHAM, NC — August 19, 2014 — Clinverse, Inc., provider of automated financial management technology solutions for clinical trials, announced today it has closed a $9.1 million Series C round of funding led by New Jersey-based Edison Partners. Existing investors, including Hatteras Venture Partners of Durham, NC, also participated in this round of funding. As part of the financing, Lenard Marcus, Partner at Edison Partners, will join Clinverse's Board along with Edison Director Network member and former Dendrite and Covance executive, Teresa Winslow.
Clinverse plans to use the capital infusion from the Series C round to accelerate the company's product roadmap while remaining dedicated to exceeding client expectations. The funding will also help bolster Clinverse's internal infrastructure in order to support its significant growth, including the signing of several top 10 sponsors and CROs. Additionally, the company will use funds to expand its sales and marketing organization and strategic plans to educate the marketplace that a best-in-class solution for automating the financial management of clinical trials exists.
"Clinverse's strong value proposition to the underserved clinical trial finance industry, along with their proven track record and seasoned management team, made the company a perfect fit with our Healthcare IT investment strategy," said Lenard Marcus, Partner at Edison Partners. "We look forward to helping Clinverse capitalize on the major growth opportunities we see ahead as both the company and market expand."
"We are excited to work with Edison Partners along with our existing investors as we continue to maintain our leadership position in the rapidly growing and relatively untapped market," said Denis Connaghan, Clinverse CEO. "In addition to the financial support, we look forward to leveraging Edison's experience working with growth stage technology companies in the financial and healthcare industries."
About Edison Partners
For 28 years, Edison Partners has been helping CEOs and their executive teams navigate the entrepreneurial journey to becoming successful companies. Through the unique combination of early growth equity and the Edison Edge platform, consisting of strategic advisory, the Edison Director Network, and executive education programs, Edison employs a holistic approach to nurturing invention and creating value for growth-stage businesses ($5 to $20 million in revenue) in financial technology, healthcare IT, interactive marketing, and enterprise IT industries. Edison investment objectives also include: buyouts, recapitalizations, spinouts and secondary stock purchases. The Edison portfolio has created aggregate market value exceeding $5 billion. Its long-tenured team, based in Lawrenceville, NJ, New York, NY, McLean, VA and Cleveland, OH, currently manages more than $850 million in active investments throughout the eastern United States.
About Clinverse, Inc.
Clinverse, Inc. architected the industry's first automated financial management technology solutions for clinical trials. Powered by our secure platform, our solutions standardize clinical trial finance and manage millions of financial transactions across the globe, including clinical site payments. Used by leading BioPharma companies, our clients benefit from reduced workload, time, and costs gained through automation and unprecedented transparency and workflow. For more information, please visit www.clinverse.com.