Elligo Health Research Valuation, Funding & Investors
Elligo Health Research is valued at $392M as of September 2021.
Last Elligo Health Research valuation
$392M
Series E · Sep 2021
Last Elligo Health Research funding round
$135M
Series E · Sep 2021
Cumulative funding Elligo Health Research raised
$171M
across 3 funding rounds
Key investors in Elligo Health Research
Hatteras Venture Partners
Noro-Moseley Partners
Shumway Capital
Excelerate Health Ventures
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FS HealthcareNorwest
About Elligo Health Research
Elligo Health Research is an Austin-headquartered clinical research network embedding trials in primary care practices. Formed in 2016, it leverages EHR data and physician relationships to expedite patient recruitment for pharma, biotech, and device sponsors. The model accelerates therapy approvals by accessing real-world evidence sites, fulfilling enrollment targets in cardiovascular, oncology, and rare disease studies nationwide.
Founded
2016
HQ
Austin, TXWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
Valuation
$392M (Sep 2021)
Elligo Health Research Valuation
Elligo Health Research is currently valued at $392M, based on its Series E in September 2021.
The $135M round was led by Ally Bridge Group and Morgan Stanley Expansion Capital, with participation from Shumway Capital, Syneos Health, Cerner, Norwest, Hatteras Venture Partners and 1 other investor.
Elligo Health Research valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2021 | Series E | $392M |
Elligo Health Research Funding History
Elligo Health Research has raised a total of $171M across 3 funding rounds.
Elligo Health Research's first fundraising round was a $16M Series B in March 2018. The most recent completed round was a $135M Series E in September 2021.
Elligo Health Research funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2021 | Series E | Ally Bridge Group (lead); Morgan Stanley Expansion Capital (lead); Shumway Capital; Syneos Health; Cerner; Norwest; Hatteras Venture Partners; Noro-Moseley Partners | $135M | $392M | Elligo Health Research is a healthcare-enabling research organization that leverages proprietary data from over 150 million diverse patients, IntElligo technology, and services to support traditional, hybrid, and direct-to-patient clinical trial designs, accelerating patient access for pharma, biotech, CROs, and research sites. The company raised $135 million in a Series E financing round on September 24, 2021, co-led by Ally Bridge Group and Morgan Stanley Expansion Capital, with participation from Norwest Venture Partners and existing investors including Cerner, Hatteras Venture Partners, Noro-Moseley Partners, Piper Sandler Merchant Banking, Shumway Capital, and Syneos Health. Proceeds funded the acquisition of ClinEdge (including GuideStar Research and BTC of New Bedford), a provider of research practice management, clinical services, patient matching, and digital outreach for sites, pharma, and CROs, as well as investments in Elligo's technology and data platform to expand globally and improve trial efficiency, diversity, and patient experience. This round followed Elligo's June 2021 acquisition of Root Health, developers of an AI-powered virtual assistant to support trial participant adherence. The funding enables an end-to-end platform combining Elligo's electronic health records data mining with ClinEdge's global network and services, addressing clinical trial bottlenecks like patient identification, enrollment, and conduct. Elligo positions itself to revolutionize clinical trials by integrating data analytics, technology, and services, making research a care option through healthcare providers while enhancing equity and inclusion in trials. |
| May 2019 | Series C | Piper Jaffray Merchant Banking (lead); Shumway Capital; FS Healthcare; Excelerate Health Ventures; Hatteras Venture Partners; Noro-Moseley Partners | $20M | - | Elligo Health Research is an Austin, Texas-based integrated research organization (IRO) founded in 2016 that connects physicians and patients to clinical trials using its Goes Direct approach and IntElligo Research Stack platform. The platform cross-references study criteria with electronic health records to identify eligible patients at medical practices, providing infrastructure, technology, and expertise for on-site trials while study coordinators handle scheduling, paperwork, data collection, and compliance. This model aims to improve clinical trial efficiency by accessing the 97% of qualified patients not typically enrolled, benefiting sponsors and contract research organizations by saving time and resources. On May 7, 2019, Elligo announced a $20 million Series C funding round led by Piper Jaffray Merchant Banking, with participation from prior Series A and B investors including Hatteras Venture Partners, Noro-Moseley Partners, Excelerate Health Ventures, FS Healthcare, and Shumway Capital. The round follows a $16 million Series B in March 2018 and will expand research access, physician and patient participation, and operations. Tom Schnettler from Piper Jaffray joined the board, and the company had over 62 active research sites, 90 employees, and planned to hire 25-40 more by year-end. Investors praised Elligo's innovative model for enhancing patient access to trials as a care option and accelerating pharmaceutical, biotech, device, and diagnostic product development. The funding supports scaling the IntElligo Research Stack and Goes Direct strategy amid a clinical trials market where patient recruitment remains a key challenge. |
| Mar 2018 | Series B | Hatteras Venture Partners (lead); Noro-Moseley Partners (lead); Shumway Capital; FS Healthcare; Excelerate Health Ventures | $16M | - | Elligo Health Research operates a clinical research platform that connects pharmaceutical, biotechnology, and medical device companies with patients through physician practices. The company's proprietary Goes Direct® approach leverages electronic health records and prescreening technology to identify protocol-eligible patients for clinical studies while allowing them to remain under care from their own physicians. In March 2018, Elligo Health Research raised funding in a Series B round led by Hatteras Venture Partners and Noro-Moseley Partners, alongside investors including Excelerate Health Ventures, FS Healthcare, and Shumway Capital. The platform addresses a significant market gap, with the company noting that only three percent of qualified patients are registered for eligible studies. |
Who has invested in Elligo Health Research?
11 investors have backed Elligo Health Research across its funding rounds, including Hatteras Venture Partners, Noro-Moseley Partners, Shumway Capital, Excelerate Health Ventures, FS Healthcare and Norwest.
Lead investors include Ally Bridge Group, Morgan Stanley Expansion Capital, Piper Jaffray Merchant Banking, Hatteras Venture Partners and Noro-Moseley Partners.
Elligo Health Research Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Greenwich, CT | 3 | Participant | Mar 2018 | |
| Durham, NC | 3 | Lead | Mar 2018 | |
| Atlanta, GA | 3 | Lead | Mar 2018 | |
| FS Healthcare | -- | 2 | Participant | Mar 2018 |
| Durham, NC | 2 | Participant | Mar 2018 | |
| Morgan Stanley Expansion Capital | New York City, NY | 1 | Lead | Sep 2021 |
| Raleigh, NC | 1 | Participant | Sep 2021 | |
| Kansas City, MO | 1 | Participant | Sep 2021 | |
| San Francisco, CA | 1 | Participant | Sep 2021 | |
This data is available for Pro users. Sign up to see all 11 Elligo Health Research investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Elligo Health Research
Elligo Health Research has acquired 3 companies to date.
Last acquisition by Elligo Health Research was on September 23rd 2021. Elligo Health Research acquired ClinEdge for $135M.
Latest Acquisitions by Elligo Health Research
| Description | ClinEdge is a global clinical trial agency specializing in site feasibility, selection, patient recruitment, and staff training. It supports biopharma clients from protocol design through closeout, leveraging networks in North America and Europe for decentralized trial execution in immunology and cardiovascular areas. | Root Health is a digital health platform headquartered in Tel Aviv that deploys virtual clinical assistants for patient engagement in global clinical trials. Its nudging algorithms via SMS and app notifications boost protocol adherence rates in oncology and rare disease studies. Sponsors including Pfizer integrate it across 50 countries. Founded in 2020, Root Health processes data from wearable devices for real-time compliance reporting. | ePatientFinder is a patient recruitment platform that leverages analytics and physician networks to match individuals with FDA-approved treatments and clinical trials in oncology and rare diseases. Based in the United States, the service integrates with electronic health records to identify eligible patients through multi-tier filtering by primary care and specialist doctors. Physicians receive compensation for patient referrals, facilitating access to therapies from pharmaceutical sponsors like Pfizer and Novartis. |
| HQ Country | | | |
| HQ City | Boston, MA | Pittsburgh, PA | Austin, TX |
| Deal Date | 23 Sep 2021 | 8 Jun 2021 | 24 May 2018 |
| Valuation | $135M | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Elligo Health Research acquisitions and their M&A valuation multiples. Start Free Trial | |||
Elligo Health Research Competitors
Elligo Health Research competitors include listed companies like Simulations Plus and Nanjing Medlander Medical, and private ones like Cloudnine Hospitals, Activ Surgical, BrightInsight and AmplifyMD.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $79M | ($62M) | $373M | 3.9x | |
 China | Publicly listed | $64M | $20M | $418M | - | |
 Bangalore | Private | $101M | - | $321M | 3.2x | |
| Boston, MA | Private | - | - | $225M | - | |
| San Francisco, CA | Private | - | - | $750M | - | |
| San Jose, CA | Private | - | - | $181M | - |
Elligo Health Research Public Comps
Elligo Health Research is still privately-owned, but its public comps include Simulations Plus, Nanjing Medlander Medical, Emergent BioSolutions, Artrya, Optima Health, Beijing Sunwayworld, Software Service, Vitalhub, Kneat and Yidu Tech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $79M | ($62M) | 4.1x | 3.9x | (5.2x) | 13.9x | |||
| $64M | $20M | 4.9x | - | 15.8x | - | |||
| $705M | $238M | 1.1x | 1.2x | 3.4x | 5.2x | |||
| $20K | ($19M) | 18657.4x | 440.3x | (19.8x) | (22.4x) | |||
| $162M | $20M | 3.1x | 2.3x | 24.4x | 15.4x | |||
| $57M | $3M | 5.6x | - | 100.1x | - | |||
| $272M | $60M | 0.9x | 0.8x | 4.1x | 5.9x | |||
| $78M | $10M | 3.2x | 2.7x | 23.5x | 10.7x | |||
This data is available for Pro users. Sign up to see all Elligo Health Research competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Elligo Health Research
| When was Elligo Health Research founded? | Elligo Health Research was founded in 2016. |
| Where is Elligo Health Research headquartered? | Elligo Health Research is headquartered in Austin, TX, United States. |
| Is Elligo Health Research publicly listed? | No, Elligo Health Research is a private, VC-backed company. |
| What is Elligo Health Research's valuation? | Elligo Health Research was last valued at $392M in its Series E in September 2021. |
| How much funding has Elligo Health Research raised? | Elligo Health Research has raised $171M across 3 funding rounds. |
| What was Elligo Health Research's last funding round? | Elligo Health Research's last funding round was a $135M Series E in September 2021, led by Ally Bridge Group and Morgan Stanley Expansion Capital. |
| Who are Elligo Health Research's investors? | Elligo Health Research's investors include Shumway Capital, Hatteras Venture Partners, Noro-Moseley Partners, FS Healthcare, Excelerate Health Ventures, Morgan Stanley Expansion Capital, Syneos Health, Cerner, Norwest, Piper Jaffray Merchant Banking and 1 other. |
| Which companies are comparable to Elligo Health Research? | Companies comparable to Elligo Health Research include Simulations Plus, Nanjing Medlander Medical, Cloudnine Hospitals, Activ Surgical, BrightInsight and AmplifyMD. |
| How many companies has Elligo Health Research acquired? | Elligo Health Research has acquired 3 companies, including ClinEdge, Root Health and ePatientFinder. |
| What was the largest acquisition by Elligo Health Research? | The $135M acquisition of ClinEdge in September 2021 is the largest acquisition Elligo Health Research has made to date. |
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