Clinverse, a provider of automated financial management tech solutions for clinical trials, has closed a $9.1m (€6.9m) round of funding led by New Jersey-based Edison Partners.
Clinverse plans to use the capital infusion from the Series C round to accelerate its product roadmap, which includes ClinPay, its clinical trial software tool that helps biopharma companies manage clinical trial finances, including site payments.
The company told us that the latest investments will contribute to adding resources in sales and marketing, as well as development and operations.
“We will continue to invest in our product roadmap, but also internal development to further automate our operational processes, which will allow us to further our scalable infrastructure to accommodate the extensive growth we continue to experience,” a company spokesman told us.
Existing investors, including Hatteras Venture Partners of Durham, North Carolina, also participated in this latest 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 Covance executive, Teresa Winslow.
“We have achieved substantial growth with little investment in sales and marketing, so that will also be an area that we ramp up quickly to help ensure we’re keeping up with market demand,” a company spokesman told us, adding that the company.
The new funding will also help bolster Clinverse’s internal infrastructure in order to support its growth, which includes the signing of several top sponsors and CROs. In the first quarter of 2014 , Clinverse announced a backlog increase of 132%, as well as a partnership with OmniComm .
The company does not expect to make any additional future capital raises.
“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.