Denis Connaghan, Clinverse’s chief executive officer for a year now, has wasted no time in putting his own stamp on the company. The clinical trials technology company has raised $9.1 million in new venture capital (as we reported Tuesday), landed a new high-profile investor, and will be gunning for more business as it aims for profitability in 2015. WRAL TechWire Insiders go inside the latest developments at Clinverse in an exclusive Q&A.

  • You took over as CEO just about a year ago to the day. This new funding is a nice anniversary present of sorts isn’t it?

We identified the significant opportunities available to Clinverse very early in 2014 and began our funding efforts at that time. Finding the right funding partner was important so we took the time needed to do so. Yes, closing the new funding is another reason to celebrate in August.

  • Why did you decide to seek additional funding at this time?

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.

  • Is your revenue growing and the company profitable?

Our revenue is growing, with our revenue in the first half of 2014 exceeding 2013’s total. To ensure we are well positioned for growth and to address the rapidly developing market needs, we continue to invest aggressively in product development, sales and marketing, and operations. We plan to be profitable in 2015.

  • You have an in-state investor in Hatteras. Why go outside of NC for additional funding? How does having a large fund as Edison help you beyond cash?

When looking for a new investment partner, it was important to both our Board, management team and existing investors that we find a partner that would fit culturally with the company and our Board while bringing valuable expertise and a strong network. We found Edison to be a great firm to work with and are excited to have Lenard Marcus and Teresa Winslow join our Board.

  • Are you going to be hiring? If so in what areas? (How many employees do you have now?)

The funding allows us to accelerate the development of our product roadmap, internal infrastructure, and sales and marketing plans. As a result, we will be hiring in the areas of development, operations, and sales and marketing.

Clinverse increased its overall headcount by almost 10 percent thus far in 2014, including the creation of 7 new positions. Current headcount is 50.

Next: In Part Two of our interview, Connaghan talks about how changes in the CRO industry are helping Clinverse and the challenges of replacing a founder as a CEO.