COLUMBUS, Ohio--(BUSINESS WIRE)--Signet Accel, a software company serving the healthcare industry, today announced $8 million in Series A growth funding led by Edison Partners. The series A financing will further fuel the company’s rapid growth and expansion, including development of its international sales team, expansion of its software engineering team and marketing dollars to support its flagship product, Avec®, a federated data integration platform delivering true interoperability to healthcare.
“Innovation in data integration is at the heart of our work and we understand that time is an incredibly precious resource in healthcare research and discovery,” said John Raden, chief executive officer at Signet Accel. “With our Avec platform, we’re providing physicians and researchers the ability to view, analyze and experiment with aggregated data from disparate sources on a global scale. When there’s an opportunity to improve our offering and increase our clients’ speed of discovery—in partnership with an established organization with a great track record—we are going to do it.”
Avec is a database-agnostic federated data integration platform purpose-built for use in complex research and care environments. It connects and harmonizes disparate databases across healthcare verticals, allowing researchers to identify patterns and trends across large patient populations and offers comprehensive insight into both research and treatment. Robust repositories of connected data are a key resource in realizing the promise of precision medicine, a research effort aimed at improving health and treating disease by accounting for patients’ individual differences.
Financing by Edison Partners will support Signet Accel in expanding its portfolio of national and international clients and further establishing its brand as a leader in healthcare technology and data integration. Edison Partners has a 31-year history of successful investment in healthcare IT.
“Interoperability is paramount in healthcare IT. The industry is evolving at lightning speed, but much of its success hinges on its ability to integrate mountains of disparate health data that are increasing each day,” said Gregg Michaelson, Operating Partner at Edison Partners. “When evaluating opportunities, we look for a truly differentiated product and a great management team. Avec and Signet Accel deliver both. We look forward to supporting the company’s continued growth as it provides access to integrated data across the healthcare ecosystem.”
“Edison Partners aligns with our culture and our values—both of which were crucial for us in an investment partner,” Raden said. “We also share education and service as top priorities in our respective organizations. This was the next logical step for us as our company continues to mature.”
With the $8 million investment, Signet Accel anticipates a significant year-over-year growth. Its clients include The Ohio State University Comprehensive Cancer Center – The James Cancer Hospital and Solove Research Institute, the Hairy Cell Leukemia Foundation, the Oncology Research Information Exchange Network (ORIEN), REACHNet and the Louisiana Statewide Initiative. With its expanding client base and deepening client engagements, Signet Accel is doubling its physical footprint to accommodate a 60 percent increase in staff in 2017.
Anthony (Tony) Manna, Chairman of both Signet LLC and Signet Accel, is excited about the funding deal with Edison Partners—one which he believes will spur Signet Accel to even greater heights. “The future is very bright for Signet Accel and we couldn’t be more thrilled to be working with Edison Partners as an investment partner,” Manna said. “Edison brings more than just their investment dollars to the table; Edison has extensive expertise in this arena. We look forward to watching Signet Accel grow in partnership with Edison.”
About Signet Accel
Signet Accel is a leading HIT software and services company specializing in successful data integration, harmonization and sharing in and among consortia, institutions and health professionals around the world. Its flagship product, Avec®, is a federated data integration platform deliberately designed to integrate data in complex environments and deliver true interoperability to healthcare. Signet Accel’s software products and services power the work of its clients by helping them define, deliver and discover—faster—while ensuring all of their health data is ready for the task, more quickly than ever before. Learn how to make your data meaningful and achieve true interoperability at SignetAccel.com.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams navigate the entrepreneurial journey and build successful companies. Through the unique combination of growth capital and the Edison Edge platform, consisting of operating leverage, the Edison Director Network, and executive education, Edison employs a holistic approach to accelerating growth and creating value for businesses ($5 to $20 million in revenue) in financial, healthcare, enterprise and marketing technology sectors. Edison’s active portfolio has created aggregate market value exceeding $10 billion. Its long-tenured team based in Princeton, N.J., manages more than $1 billion in assets throughout the eastern United States. For more information, visit edisonpartners.com.