Friday, June 20, 2008

Sciformix gets $3.3M in first round funding

By Mass High Tech Staff

Sciformix Corp., a provider of knowledge process outsourcing for the life sciences industry, has raised $3.3 million in a Series A round of financing from a local venture capital firm, according to the company.

Flybridge Capital Partners of Boston was the sole investor in Westborough-based Sciformix’s first round of venture capital. As a result of the financing, Flybridge general partner Chip Hazard has secured a seat on the board of directors at Sciformix.

Sciformix, which has operations in the United States and India, said it enables life sciences concerns to outsource drug-safety management work such as biostatistics, clinical data management and regulatory document writing. The drug-safety and clinical data management markets are estimated to be $820 million per year and growing, company CEO Dinesh Thakur said in a statement.

Flybridge, formerly IDG Ventures Atlantic, said it is focused on investments in early-stage companies in the consumer, health care and information technology industries. The firm has $560 million under management.