Evidence Partners closes $20M funding round led by Thomvest Ventures

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By CPE News

CPE News (8.10.2022) – Evidence Partners Inc. has announced the closing of $20 million round of primary and secondary financing led by Peter J. Thomson’s Thomvest Ventures with participation from Pender Ventures and Export Development Canada (EDC).

Andrew Pinkerton of Thomvest Ventures, Maria Pacella of Pender Ventures, along with Jason Flick, have joined Evidence Partners’ board of directors.

Led by co-founder & CEO Peter O’Blenis, Ottawa based Evidence Partners Incorporated is the developer of DistillerSR, an AI-enabled literature review automation software. The company said it has more than 300 clients including 60% of the largest pharmaceutical and medical device companies, contract research organizations, governments, NGOs, and academic institutions.

Evidence Partners intends to use funds to accelerate global growth and hire additional product, engineering, sales, marketing, and customer success talent.

photo credit: Evidence Partners

News Release

Evidence Partners Raises $20 Million in Growth Financing to Fuel Global Expansion and Talent Acquisition

The Double-Digit Growth of Literature Review Software Platform, DistillerSR, Sparks Formation of Growth Investment Consortium Led by Thomvest Ventures

Ottawa, Canada, August 9, 2022 – Evidence Partners® Inc., the market leader in AI-enabled literature review automation software and creator of DistillerSR™, today announced that it has closed a $20 million growth financing round led by Thomvest Ventures with participation from Pender Ventures and Export Development Canada (EDC). Evidence Partners will use the funds to accelerate global growth and hire additional product, engineering, sales, marketing, and customer success talent.

Bootstrapped since its formation in 2008, Evidence Partners pioneered the development of AI-enabled literature review software through the development of DistillerSR, which has had double-digit growth since the platform’s launch in 2009. Literature reviews are the cornerstone of evidence-based research, but their production has traditionally been highly manual, time consuming and error prone. Today, more than 300 of the world’s leading research organizations, including more than 60 per cent of the largest pharmaceutical and medical device companies, trust DistillerSR to securely produce transparent, audit-ready and regulatory compliant literature reviews faster and more accurately than any other method.

This new funding will allow us to further accelerate product innovation, enabling our customers to continue to bring life-changing medical products and research to market faster,” said Peter O’Blenis, CEO of Evidence Partners. “As the market leader for AI-enabled literature review software, the company will further invest in go-to-market initiatives to ensure that the global research community is aware of and can access this important technology.”

“The Evidence Partners team has built an industry-leading product and a global customer base of institutions and enterprises — all without external capital,” said Andrew Pinkerton, Partner at Thomvest Ventures. “We are excited to partner with Evidence Partners as they enter their next phase of growth.”

With more organizations using DistillerSR to automate their systematic reviews, healthcare researchers can make more informed and time-sensitive health policy decisions, clinical practice guidelines and regulatory submissions, and deliver better overall research.

About Evidence Partners
For more information about Evidence Partners and DistillerSR, visit www.evidencepartners.com.

About Thomvest Ventures
Thomvest Ventures is a cross-stage venture capital fund backed by Peter Thomson. The firm is focused on financial technology & proptech, cybersecurity & cloud infrastructure, and sales & marketing technology. Thomvest Ventures has been investing in entrepreneurs for more than 25 years through its offices in Silicon Valley and Toronto. The firm is committed to helping our companies become leaders in their fields through our partnership and our focus on understanding where value can be created in these industries. To learn more, visit Thomvest.com.

About Pender Ventures
Pender Ventures is the brand of Pender Private Equity Fund Management Inc. (‘Pender Ventures’) which is the private technology company investing arm of PenderFund Capital Management (‘PenderFund’). Pender Ventures is 100% owned by PenderFund, an independent, diversified asset manager based in Vancouver, BC. PenderFund’s family of funds invests across private and public equities and fixed income. For more information, visit www.penderventures.com.

About Export Development Canada
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.

For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.

Evidence Partners Media Contact
Chris Wright

® Evidence Partners is a registered trademark of Evidence Partners, Inc.
™ DistillerSR is a trademark of Evidence Partners, Inc.