COLUMBUS, OH, Edison Partners today announced leading an $8 million Series A growth financing in Signet Accel, a healthcare interoperability company.
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Signet Accel will use the funds to develop new products and partnerships, and scale sales and marketing.
Signet Accel provides data interoperability to health systems, consortia, research institutions and biopharma companies in the U.S.. Its flagship solution, Avec, is a database-agnostic federated data integration platform purpose-built for use in complex research and clinical care environments, giving physicians and researchers the ability to view and analyze data from disparate sources on a global scale. Signet Accel's federated model is fully scalable, uncompromisingly secure, and cost-effective.
"In our 31 years of successful investment in healthcare IT, we've rarely come across a company with such clear product differentiation in a market where demand is rapidly increasing," said Gregg Michaelson, Partner at Edison Partners who led the investment. "Signet Accel has a clear opportunity to become the market leader in interoperability, and we're excited to bring our expertise to bear as we work together to achieve this goal," he adds.
The company's growth has been fueled by a truly differentiated SaaS platform, and a customer roster that values quality product and service, including: 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.
"We're thrilled to work with Edison Partners, whose leaders intimately understand the complexities of healthcare and how to leverage technology and partnerships to drive and accelerate revenue growth," said John Raden, CEO of Signet Accel. "We're hard at work delivering superior access to integrated data across the healthcare ecosystem and Edison Partners will add tremendous value throughout our growth path."
While many growth equity firms concentrate only in major markets, more than 80 percent of Edison investments occur in technology hotbeds outside of New York and Massachusetts throughout the eastern half of the U.S. In 2017, Edison Partners has made growth investments in Pennsylvania, Texas, Georgia, Maryland, New Jersey, and now Ohio. Signet Accel is based in Columbus, one of the top five Midwestern cities for startups founded since 2015, according to CrunchBase.
In all, Edison Partners has financed and guided more than 200 private companies since 1986. Noteworthy Healthcare IT exits include Premier Health Exchange (PHX), Dendrite, Cadient, Health Market Science, and Verilogue. Current Healthcare IT portfolio companies include Lincor, TrialScope, and Virtual Health. This growth equity investment in Signet Accel marks the 18th investment from Edison Partners' latest fund, Edison Partners VIII, and the firm's third investment in Ohio.
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.
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.