AdverseEvents announced on Wednesday that it has just closed its first major institutional financing with a fresh $2 million in its bank. The healthcare information provider's lead investor in the round was British life science research firm Evaluate Ltd, according to The Press Democrat.
AdverseEvents chief executive officer (CEO) Brian Overstreet said the new funding will "really kick the company's growth into hyperdrive."
The Santa Rosa-based company will use the new capital to hire more analysts and beef up its sales force as well. The 4-year-old healthcare informatics firm had previously raised a small amount in its seed funding round a few years ago, the report detailed.
Formerly headquartered in Healdsburg, AdverseEvents gathers and analyzes the adverse effects of drugs reported to the US Food and Drug Administration every year. It mainly caters to health insurance firms and medical institutions. AdverseEvents currently employs 12 people in its team, The Press Democrat added.
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