Virtify Secures $15M in Growth Equity Financing
Tudor Ventures Leads the Round to Accelerate Adoption of Enterprise Content Compliance Solutions for Life Sciences
CAMBRIDGE, MA (Jan. 20, 2010) – PRNewswire/ — Virtify, Inc.,the market leader in enterprise content compliance solutions, today announced that it has secured $15 million in growth equity financing, in a round that was led by Tudor Ventures.
“Many life sciences companies are ill-suited to effectively navigate today’s regulatory environment. In fact, the inability to do so can often be measured in revenue lost to product delays, regulatory fines and lost market opportunities,” said Bob Forlenza, Managing Partner for Tudor Ventures. “Virtify offers the industry’s first open technology platform to effectively manage regulatory content, compliance, and the many critical processes that are required across the complete product continuum.”
Virtify will use the new infusion of financing to accelerate its Virtx enterprise content compliance software suite into the life sciences market by expanding operations, engineering, sales and marketing initiatives. This expansion will take place in the U.S., Europe, and other key markets.
According to IDC, the cost of bringing a new drug to market ranges from $800 million to $1.2 billion with close to a quarter of these costs stemming from the content requirements associated with regulatory compliance. Today, many companies still rely on static, document management systems built on siloed, paper-based processes. Virtify’s integrated product suite helps automate and streamline the complex content exchange requirements associated with bringing new products to market. By doing so, customers are better able to comply with changing global regulations and e-standards. Virtify solutions also help automate many of the business processes required by clinical trial disclosure, e-submissions, global labeling and other standards-based activities helping reduce costs, risk and time-to-market.
“Virtify’s mission is to address the immense regulatory compliance issue facing the life sciences industry,” said Dr. Satish Tadikonda, president and founder of Virtify. “We are proud to say that we had the opportunity to evaluate multiple investment offers, and ultimately selected Tudor Ventures for their industry knowledge and valuable insights as we embark on this exciting new phase of growth.”
Virtify is the market leader in Enterprise Content Compliance software solutions for life sciences. Organizations rely on Virtify solutions to reduce time-to-market, risk, and costs by managing and automating the complex regulatory compliance and content exchange requirements throughout the product life cycle. Virtify’s easy-to-use Virtx software suite is the industry’s only solution to provide a secure, collaborative web-based environment for managing regulated content throughout the entire continuum – from pre-clinical through product registration to commercialization. The company plays a leadership role in the development of global regulatory standards and is an active participant in a variety of standards committees. Virtify’s software products combined with comprehensive professional services and deep domain expertise enhance quality and compliance for some of the world’s leading life sciences companies. Located on the Web at www.virtify.com
Adapted from PRNewswire (http://www.prnewswire.com/news-releases/virtify-secures-15m-in-growth-equity-financing-82150407.html)