Software program-focused progress funding agency JMI Fairness invested greater than $120 million in a startup constructing high quality administration software program for medical gadget corporations
Indianapolis-based Greenlight Guru mentioned it has seen elevated curiosity within the final yr as regulatory adjustments, the shift to distant work and a strained provide chain saved many medical gadget corporations on their toes.
The startup confirmed the fundraise, which was first reported by the Wall Avenue Journal. It plans to make use of the extra money so as to add new capabilities to its platform and increase its buyer base.
“We listened to the wants of the medical gadget business and selected JMI Fairness as a strategic companion as a result of they’re specialists at attaining progress by placing the client first,” CEO David DeRam mentioned in a information launch. “We’ve been extraordinarily deliberate when taking up funding as a result of we wished to make sure we discovered the best companion for us and our prospects. This partnership will permit us to speed up the worth we offer to our prospects as we stay dedicated to serving to medical gadget corporations get their life-changing merchandise to sufferers and obtain our mission of bettering the standard of life.”
The startup brings many paper-based processes into software program, serving to medical gadget corporations put together regulatory submissions, and with design management and danger administration.
For instance, it makes use of machine studying to establish paperwork that could be affected by a proposed change order, making it simpler to grasp the potential downstream results.
Greenlight Guru mentioned it at the moment has greater than 500 medical gadget prospects. A few of them embody Centese, a startup making an FDA-cleared gadget for post-operative surgical drainage, and Sandstone Diagnostics, a startup making a point-of-care testing gadget, in keeping with its web site.
Different startups are additionally engaged on completely different points of the medical gadget growth course of. For instance, BrightInsight, which raised greater than $100 million earlier this yr, is working to make it simpler for startups to develop well being apps by serving to them meet safety and privateness necessities.
Picture credit score: ra2studio, Getty Pictures