Suvoda Secures $40 Million Investment from LLR Partners to Advance Its Interactive Response Technology for Clinical Trials

VCBeat (WeChat ID: vcbeat) learned from foreign media that on December 5, 2019, local time, Suvoda, a SaaS provider of clinical trial software, announced it had secured $4 million in investment from LLR Partners (LLR). This marks Suvoda’s first institutional investment, and the funds will be used to support the company’s daily operations and expand its product portfolio.

Following the completion of this round of financing, Howard Ross, Founding Partner of LLR, will join Suvoda’s Board of Directors.

Suvoda, founded in 2012 and headquartered in Conshohocken, Pennsylvania, USA, is an innovative SaaS company dedicated to transforming clinical trials through technological power. Suvoda’s Interactive Response Technology (IRT) system enables the rapid launch of complex studies via a modular approach, combining the flexibility of customized solutions with the speed of a configurable platform, thereby completing the study process from requirements gathering to User Acceptance Testing (UAT) within four weeks.

Suvoda provides SaaS solutions to biopharmaceutical companies and clinical research organizations of all sizes. Its core business includes helping pharmaceutical and biotechnology companies manage complex trial designs and optimizing the entire clinical trial supply chain. Currently, Suvoda has grown from a startup with a six-person team into a multinational company with 396 employees across four offices in the United States and Europe, serving clients and end-users in 62 countries.

“LLR has extensive experience in the healthcare and technology sectors, and we are delighted to welcome Mr. Howard Ross, one of its founding partners, to our Board of Directors,” said Jagath Wanninayake, President and Chief Executive Officer of Suvoda. “Their expertise and resources will help us sustain our rapid growth.”

Howard Ross, Partner at LLR Partners, stated, “We are impressed by Jagath’s vision and the team he and his co-founders have built. We are delighted to partner with Suvoda and support them in realizing their compelling vision of transforming clinical trials through the power of technology.”

Suvoda’s primary competitor is MaxisIT, a technology software company based in New Jersey, USA. MaxisIT primarily provides cloud-based integrated platform solutions for the biopharmaceutical industry, including data repositories, data management, data integration, statistical computing, advanced analytics, and report visualization. Currently, MaxisIT has not disclosed any financing information.

LLR Partners, founded in 1999 and headquartered in Philadelphia, Pennsylvania, is a private equity firm dedicated to creating long-term value by growing its portfolio companies. LLR has raised over $3.5 billion across five funds, with a focus on investing in the healthcare, technology, and services sectors.

(Compiled by: He Li)