Branford medical software provider Core Informatics on Tuesday announced it closed on a $17.5 million funding round with investors, enabling the company to nearly double in size.
The Series B funding round was led by Greenwich equity fund Oak HC/FT, which liked the company’s ability to provide software solutions to researchers doing drug discoveries, molecular diagnostics and other scientific endeavors.
This is Core Informatics’ second round of funding. The first raised $5 million last year.
The money will allow the company to grow from 65 employees today to more than 100 by yearend, said Core CEO Josh Geballe. The company had 15 employees a year and a half ago.
“We will continue rapidly growing for years to come,” Geballe said.
Core Informatics provides a software platform for the medical community – particularly bioscience researchers – to analyze data, automate laboratory workflows and collaborate with external partners.
With the new employees, Core will expand all areas of its business, including supporting clients, accelerating the build out of its platform, and scale up the various applications offered to provide specific solutions for individual clients, Geballe said.
