Clinverse reels in a $9.1M funding round to expand its trial tech

Durham, NC's Clinverse has put together a $9.1 million C round, raising cash to support its technology for managing costs in clinical trials.

Edison Partners led the round, joined by previous investors including Hatteras Venture Partners, the company said. With its new money, Clinverse plans to expand the use of its proprietary technology, which automates payments in clinical trials. The company markets its Clinpay service to CROs and drug developers, touting the software as the world's only end-to-end trial-payment product that can handle the complexities of global studies.

In the first quarter, the company's booked backlog increased by 132% thanks in part to a 5-year deal with an undisclosed, top-5 CRO, Clinverse said. Now, after more than doubling its pipeline over the past year, the company is counting on Edison's cash and expertise to keep it rolling through 2014.

Alongside the financing, Edison Partner Lendard Marcus will join Clinverse's board, as will Teresa Winslow, a member of the group's network who has served stints as an executive at Covance ($COV) and Dendrite.

"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," Clinverse CEO Denis Connaghan said in a statement. "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."

Clinverse's latest fundraise comes on the heels of a May partnership with cloud-based software provider eClinical Insights. Under that deal, the pair agreed to bridge their services, marrying the eClinical Insights' real-time data platform with Clinpay and allowing their customers to minimize the time between clinical milestone and payment.

- read the statement