Edison Partners said Tuesday that it is leading a $9 million funding round in Clinverse. Other investors include Hatteras Venture Partners. Based in Durham, NC, Clinverse is a provider of automated financial management technology solutions for clinical trials.
LAWRENCEVILLE, NJ, August 19, 2014 – Edison Partners proudly announced today leading a $9 million growth financing of Clinverse, Inc. Based in Durham, NC, Clinverse is an emerging leader in clinical trial finance, automating millions of dollars in financial transactions for clinical trials across the globe. Edison’s $5 million investment will accelerate the company’s product roadmap, bolster infrastructure, and expand sales and marketing. Co-investors include Hatteras Venture Partners.
Clinverse’s automated financial management solutions accelerate clinical trials and reduce workload throughout the clinical trial financial lifecycle. The company is the first to offer a comprehensive platform that automates payments, budgeting, forecasting, contract management, accruals, accounting and reporting. Clinverse helps BioPharma companies globally streamline clinical trial finance by eliminating the need for spreadsheets and manual processes across multiple systems.
“Edison Partners is a believer in disruptive healthcare technology innovation for underserved markets, and Clinverse is setting the pace for the clinical trial finance category,” said Lenard Marcus, Partner, who led Edison’s investment. “We’re pleased to support an accomplished team that is achieving impressive market acceptance and growth with leading CROs and sponsors, and focused on building a clear category leader.” Marcus will join Clinverse’s Board along with Edison Director Network member Teresa Winslow.
“Edison’s expertise and long-tenured record of success building market leaders in both healthcare and financial technology solidified them as the right strategic partner,” said Denis Connaghan, Clinverse CEO. “During this critical next stage in our company’s growth, access to the firm’s advice, network and education programs through the Edison Edge platform will prove invaluable to me and our management team.”
Edison has invested in and guided more than 190 private companies, including two dozen Healthcare IT companies. Noteworthy exits include Dendrite, Octagon, DiagnosisOne, Sentrx, Cambridgesoft and Portico. Current Healthcare IT portfolio companies include TrialScope, Lincor, PHX, SmartAnalyst, ClearPoint, iContracts and Health Market Science.
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 expansion capital and the Edison Edge platform, consisting of strategic advisory, the Edison Director Network, and executive education, 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, enterprise IT, and interactive marketing 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.