Indigo Capital Raise and Leadership Change
June 03, 2014
Indigo BioSystems announces the closing of its $8.5 million Series B round of funding to continue growth, and appoints Dr. Randall K. Julian Jr. as CEO.
INDIANAPOLIS, June 2, 2014 — Indigo Biosystems (Indigo), the industry leading data review software developer for clinical, reference, and research laboratories, announced the closing of its $8.5 million round of funding today. The investment will be used to support the company’s rapid growth as well as invest in the research and development of future products and new markets.
Bootstrap Venture Fund, LP of San Diego, California was the lead institutional investor in the series B round. Existing investors, officers and a limited number of new investors provided additional financing. The financing will be dedicated to the development and commercialization of new products, the continued scaling of the production system to handle the rapid adoption of Indigo’s cloud-hosted products, and also support the company’s ongoing conversion from a perpetual software license revenue model to a Software-as-a-Service model.
The ASCENT software package is used by the most renowned research labs in the country, including the Centers for Disease Control (CDC), one of the major operating components of the US Department of Health and Human Services;and ARUP Laboratories, a national clinical and anatomic pathology reference laboratory and worldwide leader in innovative laboratory research and development. Resources will also be dedicated to the development and commercialization of new products and the continued scaling of the production system to handle the rapid adoption of Indigo’s hosted products.
Kyle Williams, Bootstrap’s Managing Partner noted, “We have deep expertise in health care information technology and services, so we are very excited about working with the Indigo team. The health care industry is facing major changes on many fronts, and we believe the future is especially bright for expert software systems like ASCENT that enable significant gains. Indigo is uniquely positioned to provide extraordinary automation tools to toxicology and clinical laboratories, including hospital outreach labs. We are confident that rapid adoption will continue within Indigo’s already impressive customer base and will expand throughout the health care industry.”
Having reached a critical milestone in the company’s growth, Indigo’s Board of Directors has appointed Indigo President and Founder, Dr. Randall Julian, as the Chief Executive Officer (CEO). Dr. Julian takes over the leadership role from Mr.Raul Zavaleta. Zavaleta has served as CEO since January 2011 and achieved all the goals set for the first stage of the company. He will remain on the Board of Directors, aid in the leadership transition, and work with the management team as a consultant.
Chairman of the Board, Jeffrey B. Stone expressed the company’s gratitude to Zavaleta, saying, “The Board of Directors appreciates the contributions Mr. Zavaleta has made to the company during the last three years. He’s played a key role in the success of the recent capital raise, in expanding our customer base, and in the successful launch of our cloud-hosted ASCENT v3.0.”
Commenting on Indigo’s future direction, Dr. Julian said, “Our focus is on software that transforms laboratory-dependent businesses. By automating data review and analysis, our hosted version of ASCENT makes mass spectrometry much easier to use, sharply reduces operating costs and promotes higher quality outcomes. Using the proceeds from our capital raise, we intend to accelerate our growth and introduce powerful new analytics tools that our customers can use immediately to optimize their business processes.”
About Bootstrap Venture Fund, LP
Bootstrap Ventures, works with technical entrepreneurs during the earliest stages of enterprise startup, offering the expertise of its global network of associates. The company has established business relationships in Eastern Europe, Russia, the former USSR, the Mid-East, North Africa and South America. For more information, visit www.bootstrapventuresllc.com.