Greenphire provides web-based payment and reimbursement systems for clinical trials, aiming to shorten payment cycles and reduce manual spreadsheet-driven errors. Its eclinicalGPS product automates, calculates, tracks and streamlines payment flows to clinical trial sites, addressing delays that can last up to 120 days and enabling data transparency for analytics. Its ClinCard system handles anonymous participant reimbursements via debit card, direct bank transfers or automatically generated electronic checks. About 200 companies and institutions use its products, including Pfizer and universities such as the University of Southern California, Dartmouth College, the University of Kansas and the University of Cincinnati. The company has raised $4.3 million to date. CEO Samuel Whitaker said the funds will be used to extend the platform so sponsors can manage vendor payments and eventually offer a portal to handle all financial aspects of a clinical research study. Greenphire, based in Philadelphia, develops payment and communications software for the healthcare clinical trials industry. Its core products include the ClinCard System, which currently hosts a client base of more than 140 clinical trial sponsors, research sites, contract research organizations and research universities. The company recently launched eClinicalGPS, a clinical payment platform designed to automate site and vendor payments within the clinical research environment. Greenphire intends to use the funds to support the eClinicalGPS launch and to expand global sales and marketing initiatives for its technology platform. Financially, Greenphire completed a $1.5M Series A funding round. Gerald A. Poch of FirstMark Capital will join Greenphire’s Board of Directors alongside co-founder and CEO Samuel Whitaker, Dr. Neil Rotherham and David Reuter.

Total raised

$6M

Funding rounds

2

Latest round

Equity

Latest activity

Oct 2012