|By PR Newswire||
|April 7, 2014 09:13 PM EDT||
WALTHAM, Mass., April 7, 2014 /PRNewswire/ -- Trinity Pharma (http://www.trinitypharma.com), the leading industry cloud provider of data and analytics solutions for healthcare enterprises, raised an additional $4 million in growth capital this week from Milestone Venture Partners, a New York-based venture fund focused on healthcare SaaS investments. Coupled with $15 million Trinity raised last December from Health Enterprise Partners, the combined $19 million Series A investment will enable Trinity to meet strong demand for its platform and accelerate its aggressive growth strategy.
"Trinity solves an incredibly complex and historically expensive problem facing life sciences and healthcare companies: large volumes of disparate data assets must be exploited successfully if a business is going to create significant value," said Todd Pietri, Milestone Co-Founder and General Partner. "Trinity's platform is unique in that it has both a powerful cloud-based data management engine and an elegant mobile user experience."
Milestone's $4 million investment closes out Trinity's oversubscribed $19 million Series A round of funding, which will accelerate investments in product development, sales, delivery, and partnerships. Trinity is enjoying strong demand for its SaaS solution, adding several new healthcare and life science customers in Q1. To meet demand, the company is expanding its Boston headquarters and expects to announce new locations in California and the New York areas soon.
Trinity is the only industry cloud provider of data and analytic solutions to life sciences companies that delivers an end-to-end solution using proprietary and patent pending technology. It introduced the industry's first cloud-based HTML5 mobile analytics application and data integration platform to deliver personalized, data-driven customer analytics. Benefits from leveraging Trinity's solutions include significant operational efficiencies by moving to the cloud and a dramatic increase in insights for commercial business units across the enterprise. These are significant competitive advantages in the data-heavy and dynamic life science and healthcare industries.
"The IT centric approach around data warehousing and business intelligence hasn't changed in decades and, as a result, the people driving the business are now dealing with a lot of pain. The challenge of managing tremendous volumes of data is only growing with the shift in outcomes based healthcare and the demand for differentiated and unique market insight. Traditional methods are simply incapable of addressing the problem," said Zack King Trinity's CEO and Co-Founder. "By leveraging the cloud, our vertically-focused solution turns complex data into insights and analytics at a rate five times faster and at 40% of the costs compared with traditional solutions. We're excited to partner with Milestone and leverage their extensive expertise in this market."
Trinity is headquartered in Waltham Ma, the famous Route 128 technology belt and an epicenter for innovative companies. The company recently relocated its headquarters to the historic Watch Factory campus which spans approximately 400,000 square feet of high tech space along the Charles River waterfront.
About Milestone Venture Partners
Milestone Venture Partners, located in New York City, is an early-stage, information technology venture capital fund with $100 million under management. Milestone has invested in 18 Digital Health businesses, which provide technology solutions to hospitals, physicians, biopharmaceutical firms, payors and consumers. Prior investments include Medidata Solutions, CareGain (sold to Fiserv), Octagon Research Solutions (sold to Accenture), MedPage Today (sold to Everyday Health and Premise Development (sold to Eclipsys).
SOURCE Trinity Pharma