Indianapolis-based Greenlight Guru has secured a more than $120 million strategic growth investment. The company, which has developed a software platform to help medical device companies navigate the regulatory landscape, says it will use the funding to accelerate product development and support “significant global growth.” The investment comes from Maryland-based growth equity firm JMI Equity, which focuses on software companies.
Greenlight Guru says it was seen “unprecedented demand” over the last year as medical device companies were forced to adapt to multiple changes, including numerous global regulatory updates. The company boasts more than 500 medical device customers around the world.
David DeRam, chief executive officer of Greenlight Guru says JMI Equity is the perfect strategic partner because of its focus on customers.
“We’ve been extremely deliberate when taking on investment because we wanted to ensure we found the right partner for us and our customers,” DeRam said in a news release. “This partnership will allow us to accelerate the value we provide to our customers as we remain committed to helping medical device companies get their life-changing products to patients and achieve our mission of improving the quality of life.”
The investment comes just weeks after Greenlight Guru announced the formation of a new regulatory advisory board, which is designed to help customers receive expertise in global regulations and requirements in the medical device industry.
“Greenlight Guru’s platform is purpose-built to meet the needs of its customers in the medical device industry, helping them navigate an increasingly complex regulatory environment and manage risks across the entire product lifecycle,” said Brian Hersman, general partner at JMI Equity. “We are excited to partner with David and the entire Greenlight Guru team to support the company in its impressive growth trajectory.”
We will have more on the investment from DeRam in Wednesday’s Morning Briefing e-newsletter.