Clinverse Completes $2.2 Million Series A Private Equity
Vital Financial and Current Investors Back Accelerated Development for ClinPay, the Pharmaceutical Industry’s First
Clinverse Hires as Chief Technology Officer the Chief Architect and an Inventor of IBM’s InfoSphere Traceability Ser
October 19, 2009 03:13 PM Eastern Daylight Time
CHARLOTTE, N.C.--(EON: Enhanced Online News)--Clinverse, Inc., announced today that it has completed a Series A financin
$2.2 million. Clinverse is developing ClinPay, the pharmaceutical industry’s first eClinical Trial Payment Network. The investment s
comprised current investors and Vital Financial, LLC.
Clinverse also announced that Umair Akeel has joined the company as its Chief Technology Officer (CTO). Mr. Akeel was an inve
architect during the development of IBM’s InfoSphere Traceability Server.
Clinverse President Steve Ayala said, “We are pleased to have rounded out our investment with significant funding from Vital Finan
Vital adding to our capital base, but they also are contributing their team’s experience in growing successful software companies. In
the funding, we are glad to welcome Craig Asher from Vital to our board.”
Tim Immel, Clinverse’s Chairman and CEO, said, “The additional capital allows us to accelerate our build-out of ClinPay, the phar
industry’s first eClinical Trial Payment Network. ClinPay solves a critical issue for the pharmaceutical industry—providing timely, ac
transparent multi-currency payment and reporting for all parties involved in a clinical trial.
“We are thrilled to add Umair Akeel to our team as CTO. Umair’s experience in architecting complex systems specifically for the p
industry will enable him to make significant contributions to our product and our development group. He can incorporate his deep k
building robust applications into ClinPay, resulting in a better product for our clients.”
Craig Asher, a principal at Vital Financial, said, “We look forward to supporting Clinverse through