Virtify, a provider of Web-based document management software for life sciences firms, has secured $15 million in an offering of Series A convertible preferred stock, according to an SEC filing.
There are eight investors in the round, according to the filing, but the Cambridge, MA-based firm hasn’t yet identified them, and neither company CEO Satish Tadikonda nor executive chairman Michael Webb could be immediately reached for comment this morning. A previous investor in the firm is Tudor Ventures, the Boston venture arm of Greenwich, CT, hedge fund Tudor Investments. Michael Stansky of Tudor Investments and Bob Forlenza of Tudor Ventures are both listed as Virtify directors.
Virtify is providing technology to help mid-sized life sciences companies reduce the high costs and paper shuffling required to advance drugs through clinical trials. The firm’s SaaS software enables drug developers to track and manage compliance documents, including those sent to regulatory agencies such as the FDA to support applications to enter clinical trials or bring a new product to market. The tall stacks of documentation needed to support applications for new drugs and other regulatory requirements are a notorious bugaboo for the life sciences industry.
It’s not clear how much money Virtify has raised to date. The business has been around for at least a few years, according to press releases on its website. We’ll provide more details as we get them.