Montreal-based Montrium, a provider of clinical development software solutions to the life sciences sector, has raised C$2 million in non-dilutive financing. The investor is BDC Capital’s Growth and Transition Capital division.
MONTREAL, July 30, 2021 /PRNewswire/ — Montrium, a leader in cloud-based software solutions for life sciences, today announced that it has secured $2 million in non-dilutive funding from BDC Capital (Canada), Growth and Transition Capital division.
With the COVID-19 pandemic driving the adoption of virtual, collaborative systems such as those offered by Montrium, the company has been able to demonstrate a strong demand for its products that will continue to grow as digital infrastructure plays an increasingly crucial role within life sciences organizations. Montrium was able to secure the funding as a result of its robust product offerings, solid business operations, skilled management team, and promising industry niche.
The funding will be used to bolster product development and expand the engineering team, allowing Montrium to poise itself for immense growth in an industry that is ready for the next generation of systems. “We are thrilled that BDC Capital has chosen to partner with us as we strive to develop our cutting-edge products and shape software solutions. This financing represents an incredible opportunity for Montrium and will allow us to continue demonstrating that we are an innovative, dynamic company driven by market demand,” stated Paul Fenton, CEO of Montrium.
“We have followed Montrium for several years and now feel that the moment is right for taking this leap forward. We really liked the protected and specialized industry that Montrium is in, as well as how it addresses the strong need for smaller contract research organizations (CROs) and pharmaceutical companies to have access to more structured tools. We also felt that the management team was very complementary, with a clear vision and the right skills to execute it,” stated Jean-Philippe Poissant, Director of Growth and Transition Capital at BDC Capital.