- Clinical trial software company Suvoda announced that it raised $40 million in minority equity investment from LLR Partners
Suvoda LLC — a SaaS provider of clinical trial software — announced it raised $40 million in minority equity investment from Philadelphia-based private equity firm LLR Partners. LLR’s investment is the first institutional capital invested in Suvoda. And the funding will be used to help support the company’s continued growth and the expansion of its product offerings.
And Suvoda is known for offering a powerful SaaS solution that helps pharmaceutical and biotechnology companies manage complex trial designs and helps optimize the supply chain across the clinical trial continuum ranging from small investigator-sponsored trials to large global Phase III studies.
Over the past six years, Suvoda has grown organically from a six-person startup to a multinational company with a staff of 386 in four offices in the U.S. and Europe serving customers and end-users in 62 countries.
“Over the years, I’ve known LLR as a smart, helpful investor with significant experience in healthcare and technology,” said Jagath Wanninayake, President & CEO of Suvoda. “I’m thrilled to have one of its founding partners, Howard Ross, join our Board of Directors and to have their expertise and resources to help us as we continue our rapid growth.”
Suvoda’s Interactive Response Technology (IRT) system solves complex patient randomization and clinical trial supply chain challenges so that customers have peace of mind to focus on their patients. And Suvoda IRT sets clinical trials up for success by offering a vast array of configurable and customizable features, powerful reporting, and advanced functionality built to support complex and innovative study designs.
“We are very impressed with Jagath’s vision and the management team he and his co-founders have built,” added Howard Ross, partner at LLR Partners. “As both an investor and peer in the Philadelphia business community, we are excited to partner with Suvoda and we embrace their mission to transform clinical trials through the power of technology.”
