An Evansville-based tech company has closed on a Series A round of funding. Curvo Labs Inc., which provides a clinical spend management platform designed to help hospital supply chain leaders and CFOs reduce costs while maintaining quality, raised $2 million in the round led by Snake Run Capital in Florida and Indianapolis-based Elevate Ventures.
The company says it will use the funds to expand its leadership team and further develop its product offering. In an interview with Inside INdiana Business, Co-founder and Chief Executive Officer Andy Perry called the funding round "validation."
"We’re just really grateful for the customers and investors that we get to partner with and the funding is validation of that growth and the value that we’re delivering, that we’re on that path and meeting our mission that we set out to do," said Perry. "What it means directly for our customers and our markets is new products, new offerings, new technology and development that helps them continue to improve that value equation and to drive costs down and improve their quality when it comes to the medical devices that they buy."
Kent Parker, founder and president of Snake Run Capital, will become the chair of the Curvo Labs Board of Directors as a result of the funding round. Parker led Curvo’s $900,000 seed funding round in 2017, which also included participation from Elevate Ventures.
"Healthcare supply chain is unique. It requires specialized data and industry core competency to drive savings and change in the supply chain," Parker said in a news release. "During my time as a board member for Curvo, I have seen first-hand how their creativity, insight and real-world data empowers healthcare supply chain leaders. I’m excited by the continued progress Curvo has made and thrilled to lead another round of investment. I enthusiastically support Curvo’s mission and their future."
Curvo Labs was founded in 2013 and says it has seen its revenue grow more than five times since the 2017 funding round. Perry says the company has been fortunate in the investors it has.
"Indiana’s been a very friendly place for us to raise capital," Perry said. "We’ve been really fortunate in the sense that we have not had to take our eye off the ball of customers and products in order to go out and raise money. Our investors have been extremely supportive, always there. This round was not difficult to raise and I’m very glad for that because it allows our team to stay focused on the market and stay focused on executing."
Perry says the company plans to bring in more talent as a result of the funding round, though a specific number of new jobs is not yet known.
Perry called the funding round “validation.”