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Comprehend Raises $21 Million in Series B Funding
|By Business Wire
|August 18, 2014 09:30 AM EDT
today announced it has secured $21 million in Series B financing to
accelerate clinical development through its cloud-based business
intelligence solutions, enabling life science companies to bring new
treatments and devices to market faster and more affordably. The round
was led by Lightspeed
Venture Partners with support from existing investor Sequoia
Capital. Lightspeed partner Peter Nieh joined the company’s board of
“Life science companies spend more than $4 billion to bring a single
product to market, largely because they cannot access the information
they needed to manage their clinical trials,” said Peter Nieh, partner
at Lightspeed Venture Partners. “Comprehend’s analytical solutions
enable life science companies to execute the clinical research process
in a fundamentally new way, and the market is responding with great
Comprehend offers a new approach that provides universal access to
clinical trial data and analytics, enabling all stakeholders – from the
C-level to clinical operations to data management to clinical monitors –
to access up-to-date information about all aspects of their clinical
development operations. As a result, Comprehend integrates the silos
that traditionally have hindered the clinical development process,
leading to more effective trials, increased collaboration and
auditability, and drastically reduced research timelines and study costs
for drug and device companies of all sizes.
In the past year, Comprehend has increased its customer base by more
than 100 percent, with new additions to its client roster including
Boston Scientific, Karyopharm, MERGE, Atlantic
Research Group and Versartis.
The company will use the new round of capital to expand its product
development and customer solutions teams to further develop its
cloud-based business intelligence solution.
“With a management and customer services team that truly understands
today’s clinical development challenges, Comprehend is filling a
critical unmet need and driving change in an industry that’s desperate
for innovation,” said Sharon Shacham, Ph.D., MBA, president and chief
scientific officer, Karyopharm Therapeutics Inc.
To accommodate its growing team, Comprehend moved its headquarters to
Redwood City, Calif. last year. Looking ahead, Comprehend expects to
increase its staff by 80 percent and will continue to heavily invest in
product R&D, sales and marketing, and its support services.
“The ability to analyze clinical data in a timely and comprehensive way
is completely changing the clinical process and the way new treatments
come to market. Comprehend is at the center of that shift,” said Rick
Morrison, CEO of Comprehend. “This latest round of funding further
validates our approach to redefining clinical operations, risk-based
monitoring, adaptive trials, performance and execution metrics, and
clinical trials as a whole. Ultimately, we’re enabling more patients to
get the critical treatments they need sooner.”
Tweet this: @Comprehend raises $21M Series B from @lightspeedvp and
@sequoia for #cloud-based BI solution for life sciences http://buff.ly/1mNWe5y
About Lightspeed Venture Partners
Lightspeed Venture Partners (http://lsvp.com)
is a leading venture capital firm with over $2 billion of committed
capital under management and investment professionals and advisors in
Silicon Valley, India, Israel and China with Lightspeed China Partners.
Over the past two decades, Lightspeed partners have backed more than 200
consumer and enterprise, many of which have become leaders in their
respective markets, including Blue Nile, Brocade, Ciena, DoubleClick,
eHealth, Fusion-io, Informatica, Nest Labs, Nicira, Nimble Storage,
SnapChat and Riverbed Technology.
About Comprehend Systems, Inc.
Comprehend Systems, Inc. (www.comprehend.com)
offers cloud-based clinical data insights tools that improve the way
clinical researchers access, understand, explore and analyze data.
Designed specifically for life sciences, Comprehend Clinical ™ enables
data managers, monitors and clinical operations executives to identify
broad operational and clinical trends across trials and also easily
drill down and report on a wide range of factors, including safety
issues, regulatory requirements and opportunities for critical time and
cost savings. Comprehend Systems was founded in 2010 in Palo Alto by a
team of entrepreneurs with decades of combined experience in clinical
research and software development.
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