Updated Aug. 20, 2014 at 7:39 a.m.

Clinical trials tech firm Clinverse raises $9.1M, eyes 'more aggressive' strategy

Published: 2014-08-19 10:09:00
Updated: 2014-08-20 07:39:50

Clinverse Ecommerce software company Clinverse closed a $3.8 million Series B round of funding this week led by Durham-based Hatteras Venture Partners.

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Clinverse, which focuses on financial management tools to be used in clinical trials, is gearing up for growth with $9.1 million in new capital gained through a new round of venture capital funding.

The funding reflects the firm's commitment to a "more aggressive" strategy, Chief Executive Officer Denis Connaghan tells WRAL TechWire.

"In reviewing the market opportunities in early 2014 the executive team and board agreed that we should be more aggressive in our organization development and product build out to take full advantage of the rapidly developing market opportunities," Connaghan says.

[Upcoming: WRAL TechWire Insider exclusive interview with Connaghan. Check back at WRAL TechWire at 10 a.m. today.]

Durham-based Hatteras Venture Partners is part of the round.

Edison Partners, which is based in New jersey, led the Series C round.

“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, in a statement. “We look forward to helping Clinverse capitalize on the major growth opportunities we see ahead as both the company and market expand.”

The funding was announced early Wednesday.

Clinverse plans to use the funds for further product development and to expand its own infrastructure as well as to step up sales and marketing efforts. 

“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,” Connaghan said. “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.”

Connaghan took over as the firm's CEO just a year ago. 

Clinverse raised nearly $4 million in 2012.

 

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