UK-based Albion Ventures has backed Cisiv, a healthcare Software as a Service company, which provides web-based solutions for data capture and management in long-term studies on the safety, cost and benefit of licensed medicines. This is Albion’s fourth investment in healthcare IT and the third this year.
Albion Ventures, (“Albion”), one of the UK’s largest venture capitalists has recently completed an investment in Cisiv Ltd, a healthcare Software as a Service (“SaaS”) company, which provides web-based solutions for data capture and management in long-term studies on the safety, cost and benefit of licensed medicines.
Cisiv’s Baseline Plus is an industry leading platform solely focused on non-interventional studies of licensed medicines. This is a rapidly growing area of drug research as pharmaceutical companies and regulators are increasingly aware of the importance of safety, health economics and healthcare outcomes data derived from drug usage in ‘real-world’ settings.
The requirements of this type of research vary greatly from those of interventional, or phase 1 to 3, clinical trials. These requirements include significantly greater size and geographical scope, a lack of trained investigators and greater diversity in study structures. Baseline Plus has been specifically designed to meet the developing needs of this setting and offers a highly differentiated service to its customers as a result.
The company was founded by Dominic Farmer, whose work with leading global pharma companies in healthcare technology helped identify the need for a fit-for-purpose product in this market. It is chaired by Stephen Powell, who was instrumental in setting up Phase Forward and establishing it as the global leader in life sciences technology solutions prior to its sale to Oracle.
Dominic Farmer, Chief Executive Officer and founder of Cisiv said: “We are delighted to have gained the backing of Albion whose expertise in the healthcare IT space convinced us that they would be ideal partners. They bring real depth of understanding in this sector and we believe their strategic and financial support will help us achieve our ambitious growth plans.”
Stephen Powell, Chairman of Cisiv added: “In Albion we have a partner that shares our excitement about Cisiv and our belief that the company fulfils a clear market need that delivers substantial benefits to clients.”
Dr Christoph Ruedig, Investment Director at Albion Ventures, said: “We are excited about partnering with Stephen and Dominic. Cisiv is a strongly growing company with a lot of potential. It has an industry leading team; an exceptionally well designed and highly differentiated product; and strong customer traction in a rapidly expanding market.
This is Albion’s fourth investment in healthcare IT and the third this year. It reinforces our commitment to the sector, which we regard as one of the fastest growing and most attractive healthcare sectors in the UK.”
Cisiv marks Albion’s twelfth investment in the healthcare sector in the last five years. Currently 20% of Albion investee companies are in this sector, reflecting the central position of healthcare in its portfolio. Other investments managed by Albion in the healthcare sector include: Abcodia, Aridhia, Bayfield Court, Dysis Medical, Haemostatix, Masters Pharmaceuticals, Mirada Medical, MyMeds&Me, Orchard Portman House, Oxford Immunotec, Peakdale Molecular, Proveca and Xceleron.
For further enquiries please contact
Patrick Evans or Kit Dunford at Citigate Dewe Rogerson
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About Albion Ventures
Albion Ventures LLP is a venture capital investor specialising in VCTs with around £230 million under management. The business of Albion Ventures was formerly known as Close Ventures. It was acquired by its management in early 2009 from Close Brothers Group plc. To date its VCTs have paid out over £117 million in dividends to shareholders.
Albion Ventures looks to invest £1-10m in a wide range of growing businesses, from technology-oriented companies to asset-based businesses. Albion Ventures is authorised and regulated by the Financial Conduct Authority.