PHEMI Systems Corporation, a Vancouver provider of big data solutions with built-in privacy, governance, and enterprise-grade management, has closed a $10 million Series B round led by CTI Life Sciences Fund and with participation of existing investors BDC Capital Healthcare Venture Fund, and Yaletown Partners, and new investor Quark Venture Inc. Private investors also participated in the financing.
McCarthy Tétrault LLP is the legal counsel for PHEMI Systems.
The Series B included the conversion of a bridge financing with existing investors, which closed early this year. In August 2015, PHEMI closed $12.2 million Series A co-led by CTI and British Columbia Discovery Fund (VCC) Inc. and included participation from BDC Capital Healthcare Venture Fund and Yaletown Partners (known then as Yaletown Venture Partners).
PHEMI helps data-driven companies unlock and share data without compromising privacy. By combining the scale and performance of big data with features that support rigorous privacy and governance, PHEMI allows enterprises to focus on deriving insights to drive operational efficiencies, fuel innovation for competitive advantage, and lower costs.
PHEMI will use new funds to enhance R&D efforts and expand the sales channel for its award-winning solution, extending their solution offerings and sales reach through application and system integrator partners and data science expertise.
“Today, companies recognize that their data represents a form of capital that, using the right platform and tools, can be unlocked and managed to enable analytics and data science capabilities previously unattainable,” said Paul Terry, CEO of PHEMI. “As with healthcare, a common theme across a growing number of vertical markets, such as insurance, finance and the public sector, is the importance of data governance and the protection of sensitive data. This latest round of financing will allow PHEMI to expand its reach into these markets. We’re fortunate to welcome Quark as a new member to the PHEMI team, as we work with enterprises to use data responsibly and to achieve new insights that can transform their businesses.”
“We recognize the potential big data holds for a growing number of companies operating in both the life sciences industry and other verticals,” said Karimah Es Sabar, CEO of Quark Venture and Director of GHS Fund. “It has become readily apparent that the demand for big data solutions that meet governance and privacy requirements will continue to grow, and PHEMI demonstrates leadership and innovation in advancing requisite, enterprise-grade big data solutions.”
“Yaletown Partners is committed to helping PHEMI advance its leadership position in big data solutions for healthcare and other industries,” said Mike Satterfield, Partner, Yaletown Partners. “We have a strong track record investing in Canadian emerging growth technology companies that enhance the productivity and competitiveness of enterprise customers worldwide, and we are proud to be a founding member of PHEMI’s growing syndicate of investors.”
photo credit: PHEMI Systems