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Public-Private Partnership
FINANCIAL | Investment Firms & Funds
innovationworks.org

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Investments

525

Portfolio Exits

34

Funds

4

Partners & Customers

5

About Innovation Works

Innovation Works plays a vital role in Southwestern PA's technology economy. Innovation Works invests capital, business expertise and other resources into high-potential companies with the greatest likelihood for regional economic impact. IW is the single largest investor in seed-stage companies in this region and one of the most active in the country.

Innovation Works Headquarter Location

2000 Technology Drive Suite 250

Pittsburgh, Pennsylvania, 15219,

United States

412-681-1520

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The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Expert Collections containing Innovation Works

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Find Innovation Works in 2 Expert Collections, including Advanced Manufacturing.

A

Advanced Manufacturing

1,088 items

P

Packaging & Labeling Tech

38 items

Companies providing traditional and tech-enabled packaging and labeling solutions for brands.

Latest Innovation Works News

Rimsys Closes $16 Million Series A Financing Led by Bessemer Venture Partners

Dec 3, 2021

Funding will support product line and geographic expansion for Rimsys’ market-leading medtech regulatory information management software PITTSBURGH, December 2, 2021-- Rimsys, the leading provider of Regulatory Information Management (RIM) software for the medtech industry, today announced it closed $16 million in Series A financing led by Bessemer Venture Partners, with participation from existing investors Allos Ventures, Private Opportunities, and Innovation Works. The company also announced the appointment of two industry veterans, Adam Price and Christine Robertson to its executive team, and that Bessemer Partner Andrew Hedin and Pendo Co-Founder Eric Boduch have joined Rimsys' board of directors. The Rimsys cloud-based RIM platform helps global medtech companies streamline regulatory processes, strengthen compliance, and get new products to market more quickly. Designed specifically for medtech regulatory affairs, the platform includes an integrated data hub for all regulatory information and documents, ensuring that teams can easily access critical information and put it to use in pre-market submissions, establishing and maintaining market authorization, and proactively managing post-market surveillance. Growing regulatory complexity is making it difficult for medtech companies to keep pace. In 2020 alone, the FDA issued over 70 guidance documents focused on medtech products, while research from MedTech Europe predicts that as many as 76% of medical devices (including in vitro diagnostics) will be withdrawn from the market as a result of the new MDR and IVDR regulations in the European Union. Companies that have traditionally relied on costly outsourcing and cumbersome spreadsheet-driven processes to manage the administrative burden of regulatory compliance can now increase efficiency and improve compliance through the digitization and automation of their regulatory activities via the Rimsys platform. “When I led regulatory affairs teams, we were always behind,” said James Gianoutsos, Founder and President of Rimsys. “We struggled to find information, struggled to meet audit requirements, and spent a fortune on consultants as a result. The Rimsys platform was born out of necessity based on those first-hand experiences. The transformations we’ve seen in our customers are incredible. They’re able to improve compliance, keeping products in the market for the patients that need them the most, while dramatically reducing the amount of time spent on manual administrative activities. Our goal is to build a truly comprehensive software platform for medtech regulatory affairs, and we’re now in a position to provide support for a broader set of regulatory activities that will help them even more.” The Rimsys platform empowers regulatory affairs teams to more proactively manage product registrations, standards, essential principles requirements, UDI requirements, post market surveillance activities and regulatory documents across the product’s lifecycle. It connects regulatory information across the business, making it more easily accessible, and accelerating regulatory activities such as new premarket applications or general safety and performance requirements maintenance. Rimsys has experienced more than 300% revenue growth so far this year, and counts global medtech companies such as Johnson & Johnson, Siemens Healthineers, CooperSurgical, and Omron among its clients. The financing will enable the company to continue its growth through new product lines and geographic expansion. The company also announced two new executive hires with extensive medtech industry experience. Adam Price, former Head of Post-Market Surveillance at Philips will lead post-market product management and strategy, helping the company to develop new offerings focused specifically on that part of the regulatory lifecycle. Christine Robertson, former IT Leader and Regulatory Affairs Business Partner at Thermo Fisher Scientific will lead implementation and professional services, bringing best practices for large-scale RIM deployments to all Rimsys customers. “We are thrilled to partner with Rimsys and support their long-term success,” said Andrew Hedin, Partner at Bessemer Venture Partners. “As healthcare investors, we saw the ever-changing complexity and growing global regulatory pressures that medtech companies are facing. This industry can no longer rely on error-prone antiquated processes and legacy technologies that put product sales at risk. Rimsys is transforming a sector that has been underserved by new technology with their best-in-class, scalable platform that meets the needs of medtech companies of all sizes.” About Rimsys Rimsys is on a mission to bring regulatory order to the medtech industry. The Rimsys Regulatory Information Management (RIM) platform digitizes and automates regulatory activities, freeing teams from inefficient administrative work, and helping them confidently establish and secure global regulatory compliance. Unlike complex, color-coded spreadsheets, or expensive external consultants, Rimsys seamlessly centralizes all regulatory information, automates submission processes, and monitors relevant expirations, standards, and global regulations. Traditional approaches to regulatory affairs can’t keep pace with the growing complexity of the global landscape, and overburdened teams face increasing compliance risks. Rimsys streamlines all regulatory activities including registrations, essential principles, UDI, standards management, and regulatory intelligence in a single, integrated platform. Leading global MedTech companies including Johnson & Johnson, Siemens Healthineers, and Omron rely on Rimsys to get new products to market more quickly, and reduce revenue risk of non-compliance, product recalls, and unexpected expirations. For more information, visit www.rimsys.io. About Bessemer Venture Partners Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has $9 billion of capital under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio). Contact:

Innovation Works Investments

525 Investments

Innovation Works has made 525 investments. Their latest investment was in RIMSYS as part of their Series A on December 12, 2021.

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Innovation Works Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/2/2021

Series A

RIMSYS

$16M

No

6

6/1/2021

Seed VC

Minti

$1M

Yes

1

5/10/2021

Private Equity

ETHealthcare

$100M

Yes

4

3/18/2021

Seed

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$99M

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10

3/18/2021

Seed - II

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$99M

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10

Date

12/2/2021

6/1/2021

5/10/2021

3/18/2021

3/18/2021

Round

Series A

Seed VC

Private Equity

Seed

Seed - II

Company

RIMSYS

Minti

ETHealthcare

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Amount

$16M

$1M

$100M

$99M

$99M

New?

No

Yes

Yes

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Co-Investors

Sources

6

1

4

10

10

Innovation Works Portfolio Exits

34 Portfolio Exits

Innovation Works has 34 portfolio exits. Their latest portfolio exit was Identified Technologies on October 20, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/20/2021

Acquired

2

10/8/2021

IPO

3

10/5/2021

Acquired

1

00/00/0000

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10

00/00/0000

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10

Date

10/20/2021

10/8/2021

10/5/2021

00/00/0000

00/00/0000

Exit

Acquired

IPO

Acquired

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Companies

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Valuation

Acquirer

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Sources

2

3

1

10

10

Innovation Works Fund History

4 Fund Histories

Innovation Works has 4 funds, including Riverfront Ventures LLC.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/24/2014

Riverfront Ventures LLC

Early-Stage Venture Capital

$24M

1

11/1/2012

IW Fund II

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$99M

10

Sinovation Fund III

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$99M

10

Covid-19 Relief Fund

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$99M

10

Closing Date

12/24/2014

11/1/2012

Fund

Riverfront Ventures LLC

IW Fund II

Sinovation Fund III

Covid-19 Relief Fund

Fund Type

Early-Stage Venture Capital

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Status

Amount

$24M

$99M

$99M

$99M

Sources

1

10

10

10

Innovation Works Partners & Customers

5 Partners and customers

Innovation Works has 5 strategic partners and customers. Innovation Works recently partnered with Allegheny Health Network on September 9, 2020.

Date

Type

Business Partner

Country

News Snippet

Sources

9/25/2020

Partner

Allegheny Health Network

United States

Allegheny Health Network, Innovation Works Announce New Startup...

`` We believe Allegheny Health Network 's partnership with Innovation Works will spur further economic development in this region , and contribute to a stronger investment ecosystem for all health care entrepreneurs . ''

4

3/29/2019

Partner

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10

12/15/2017

Partner

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10

9/9/2011

Partner

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10

8/31/2011

Partner

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10

Date

9/25/2020

3/29/2019

12/15/2017

9/9/2011

8/31/2011

Type

Partner

Partner

Partner

Partner

Partner

Business Partner

Allegheny Health Network

Country

United States

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News Snippet

Allegheny Health Network, Innovation Works Announce New Startup...

`` We believe Allegheny Health Network 's partnership with Innovation Works will spur further economic development in this region , and contribute to a stronger investment ecosystem for all health care entrepreneurs . ''

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Sources

4

10

10

10

10

Innovation Works Team

3 Team Members

Innovation Works has 3 team members, including former Chief Executive Officer, Douglas J Goodall.

Name

Work History

Title

Status

Douglas J Goodall

Chief Executive Officer

Former

Florri Mendelson

Chief Executive Officer, President

Former

Craig Gomulka

Health Fidelity, UPMC Genome Center, Highmark, Draper Triangle Ventures, and Intel

Chief Investment Officer

Former

Name

Douglas J Goodall

Florri Mendelson

Craig Gomulka

Work History

Health Fidelity, UPMC Genome Center, Highmark, Draper Triangle Ventures, and Intel

Title

Chief Executive Officer

Chief Executive Officer, President

Chief Investment Officer

Status

Former

Former

Former

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