Princeton, N.J.-based Diligent Pharma, which helps drug companies manage vendors for clinical trials, has raised $8.27 million in a Series A round led by Tennessee’s FCA Venture Partners.
Other investors include Boston-based PJC, and Cranbury, N.J.-based GenHenn Capital, a family office. Individual investors include executives from the pharmaceutical industry.
“Our vision for Diligent Pharma is to drive speed, higher quality and risk mitigation in clinical trial execution through the centralization of qualification and vendor management practices, and through the harnessing of data and insights,” said Diligent founder and CEO Patty Leuchten, who previously founded the consulting firm The Avoca Group.
Diligent Pharma has developed a platform to streamline the selection and qualification of clinical trial service providers. It, notably, simplifies as well as accelerates the process for identification, selection and qualification of clinical trial service providers.
“FCA Venture Partners is committed to supporting innovative healthcare and clinical trial technology companies that are poised to deliver significant value through a breakthrough solution,” said Todd Johnson, partner at FCA Venture Partners.
FCA Ventures
Founded in 1996 by serial entrepreneur Todd Johnson, Brentwood, Tenn.-based FCA Venture Partners primarily invests in healthcare companies. He previously founded and served as CEO of HealthTech Corp. until it was acquired by MedCath and eventually Kohlberg Kravis Roberts & Co. He also co-founded KeraNetics. Johnson serves as vice president of Wake Forest University. FCA has made over 50 portfolio investments and exited nearly a score.
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PJC
Boston-based PJC, founded in 2001, emerged from Point Judith Capital, which was started by Wall Street veteran David Martirano and Gov. Gina Raimondo. It has raised over $300 million via five funds. It has made over 100 investments, including Expensify, Nest, GetWell Network and Nexamp. Its recent portfolio investments include Flexpa, Openly, Synthesis AI, Dianthus and Dripos.
Martirano serves as the managing partner of PJC. He has extensive experience investing in B2B SaaS, consumer and tech-enabled service companies. Prior to PJC, Martirano founded Rex Capital Ventures, the venture arm of a family office.
GenHenn Capital
Founded in 2022, Cranbury, N.J.-based GenHenn Capital is a single-family office started by Michael J. Hennessy, Jr.. Hennessy also serves as CEO of MJH Life Sciences, a privately held medical media company. In 2021, he was a New Jersey regional winner of Ernst & Young’s Entrepreneur of the Year award, and a national finalist.
