A third investment this year in the healthcare IT investment for Albion Ventures has seen the firm inject capital into Cisiv.
The new investment is a Surrey-based software company which provides products aimed at capturing and managing data associated with the long-term studies of the safety, cost and benefit of licensed medicines.
It was founded by Dominic Farmer and is chaired by Stephen Powell, who set up Phase Forward prior to its sale to Oracle.
Albion Ventures has now made four investments in the healthcare IT sector, as well as 12 in the healthcare sector during the last five years, and reports that 20 per cent of its portfolio is comprised of healthcare ventures.
Christoph Ruedig, investment director at Albion Ventures, comments, ‘Cisiv is a strongly growing company with a lot of potential.
‘It has an industry-leading team; and exceptionally well designed and highly differentiated product; and strong customer traction in a rapidly expanding market.’
Cisiv’s Baseline Plus product is focused on non-interventional studies of licensed medicines, a space which it predicts will be a fast growing area of drug research for pharmaceutical companies and regulators.
The company’s CEO, Farmer, says that he decided to partner with Albion Ventures due to its ‘expertise’ in the healthcare IT space.
‘They bring real depth of understanding in this sector and we believe their strategic and financial support will help us achieve our ambitious growth plans,’ he adds.
Ruedig adds, ‘[This deal] reinforces our commitment to the sector, which we regard as one of the fastest growing and most attractive healthcare sectors in the UK.’
Back in February 2013, Albion Ventures added MyMeds&Me to its portfolio through a £2 million transaction. The healthcare software-as-a-service (SaaS) business provides a web-based service for the capture of adverse event, product complaint and targeted medical information for pharmaceutical companies.