Massachusetts-based eClincal Solutions is helping medical researchers reign in data chaos with their clinical trial software offering, elluminate. Co-founded by Raj Indupuri and Bob Arneson in 2006, they created the cloud-based solution to streamline the process of collection, standardization, and reporting of data in clinical research trials. Led by a team of experts in life sciences and tech innovation – the firm is committed to optimizing the analysis of data.
Since its beginning, eClinical has crunched the numbers for 1000+ catalogued studies and is currently doing so for another 500 active ones. The life sciences software company assures they are a good fit for any organization specializing in clinical data management, data programming, and data operations. With a global market estimated to reach $17.5 billion by 2027, eClinical Solutions is well-positioned to meet that demand with a new partnership with private equity firm Summit Partners. The deal was announced mid-January and represents one of over 70 healthcare and life science investments the company has made in its history.
“Summit has a long history of helping to accelerate growth and scale businesses,” Indupuri said. “We believe their deep experience in the life sciences and HCIT markets will help propel eClincal Solutions to the next level.”
Co-founder Bob Arneson takes it one step further and describes the partnership with the investment firm as a merging two halves into a one whole. “Summit immediately understood our market and our vision,” Arneson said. “They have already been instrumental in accelerating our journey.”
Summit Partners is an alternative investment firm with a focus on high growth opportunities in the technology, healthcare & life sciences, and growth products & services industries. With more than $19 billion in assets under management, they have invested in more than 500 companies since their start in 1984. Summit typically invests between $10 million to $500 million per company and is comfortable with both minority and majority stakes.
In regards to Summit’s deal with the data intelligence provider, the financial details were not disclosed. However, the firm reported they are making a minority investment in eClinical, and the capital would go towards support and expansion of its elluminate platform. Summit recognizes that managing data is a pinch point for many life science companies and sees potential for software providers that can ease the burden.
"Biopharmaceutical companies collect millions of data points throughout a clinical trial, ingesting and normalizing data from a variety of vendors is a complicated, time-consuming process, one that often extends the time-to-market for a new drug," explained Mark deLaar, managing partner with Summit Partners.
Some of Summit’s notable deals in the life sciences and healthcare information technology sector include Advanced Cell Diagnostics, Clontech, Integrated DNA Technologies, Fermentas International, LakePharma, Modernizing Medicine, and Wellcentive.