Censinet Announces Record Customer Growth and Overall Business Momentum in Q1 2023
Company Delivered Record Annual Recurring Revenue and Quarterly New Bookings Backed by New Funding and Expansion in New Partnerships and Products
CHICAGO, IL – HIMSS 2023 CONFERENCE – APRIL 19, 2023 – Censinet, the leading provider of healthcare risk management solutions, today announced record quarterly growth in annual recurring revenue and total contract value in Q1 2023. In the quarter, the Company also announced $9 million in new funding from new and existing investors, and saw significant growth in customer count, product innovations, strategic partnerships, executive leadership team, and scale on its risk network, Censinet RiskOpsTM.
“I am truly proud of the continued work we do with our customers and how it’s reflected in our record-breaking performance this quarter,” said Ed Gaudet, CEO and Founder of Censinet. “I am excited to work with new and existing customers as we continue to execute on our shared vision of taking the risk out of healthcare.”
Key Highlights from Q1 2023 include:
- The Company saw record-breaking performance in quarterly Annual Recurring Revenue growth, increasing 461% year-over-year, and in quarterly Total Contract Value growth, increasing 1038% year-over-year.
- Customer count increased by 73% year-over-year.
- The Censinet Digital Risk Catalog grew to more than 35,000 vendors and products
- The Company raised $9 million in funding led by MemorialCare Innovation Fund and including other leading health system investors Rex Health Venturesand Ballad Ventures, bringing the Company’s total funding to more than $22 million. Existing investors LRVHealth, HLM Venture Partners, Schooner Capital, Excelerate Health Ventures, and Cedars Sinai also participated in the round.
- Launched Censinet ConnectTM, a new capability to enhance risk transparency and accelerate innovation adoption across the industry by significantly shortening the sales cycle between healthcare vendors and healthcare delivery organizations (HDOs).
- Introduced Censinet OneTM, the industry’s first and only on-demand cyber risk management solution affording healthcare organizations maximum flexibility and optionality to manage third-party and enterprise risk based on changing resources, workforce availability, and risk assessment capacity.
- Hired two industry veterans to join the leadership team, Sean Lara, Chief Revenue Officer, and Briana McGann, Vice President of Demand and Digital Marketing, to drive continued expansion in the Company’s footprint, advance the Company’ unique messaging and mission, and deliver unparalleled value to customers.
“The Censinet risk network is now the industry standard for platform collaboration, risk transparency, and active, real-time mitigation of cyber risk across the healthcare sector,” said Cormac Miller, President and Chief Commercial Officer of Censinet. “The significant growth in customers, vendors, products, and partners in Q1 significantly expands the size, scale, and impact of Censinet’s multi-sided risk network, further propelling the flywheel around Censinet’s operating model and further deepening industry and customer conviction in Censinet’s mission and platform value.”
Additional Highlights from Q1 2023 include:
- Delivered key ecosystem enhancements for ServiceNow integration as well as expanded API and interoperability capabilities for secure, value-added data exchange between partners, customers, and Censinet.
- Selected as an exclusive cybersecurity solutions provider on HANYS Marketplace, a dedicated marketplace of recommended software and services for Hospital Association of New York State (HANYS) health system members.
- Partnered with Panda Health to bring greater cybersecurity risk transparency to Panda’s marketplace of digital health suppliers, and partnered with Renovo Solutions to reduce the cyber risk of medical devices, Internet-of-Medical-Things (IoMT), and Internet-of-Things (IoT) to protect patient safety across the care continuum.
- Further advancing risk transparency in partnership with KLAS Research, the Company jointly recognized twenty-five healthcare vendors for their new and continuing “Cybersecurity Transparent” designation at ViVE 2023 conference, saluting their commitment to cybersecurity preparedness and maturity.
- Sponsored and published the Ponemon Institute report “The Impact of Ransomware on Patient Safety and the Value of Cybersecurity Benchmarking”, providing a critical update to the industry’s first study on the impact of ransomware on patient safety in 2021, and illustrating the value of peer benchmarking to improve cybersecurity program performance to fight advanced cyber threats like ransomware.
- Launched the “Risk Never Sleeps” podcast, hosted by Ed Gaudet, CEO and Founder of Censinet, celebrating the people protecting patient safety from cyber threats by sharing their personal and professional insights to help all stakeholders across the healthcare industry. Podcast guests have included healthcare industry luminaries from the public and private sectors, including:
- Erik Decker, CISO, Intermountain Health
- John D. Halamka, MD, President, Mayo Clinic Platform
- Lucia Milica Stacey, CISO, Proofpoint
- Aaron Miri, SVP and Chief Digital & Information Officer, Baptist Health
- John Riggi, National Advisor for Cybersecurity and Risk, American Hospital Association
Censinet®, based in Boston, MA, takes the risk out of healthcare with Censinet RiskOps, the industry’s first and only cloud-based risk exchange of healthcare organizations working together to manage and mitigate cyber risk. Purpose-built for healthcare, Censinet RiskOpsTM delivers total automation across all third party and enterprise risk management workflows and best practices. Censinet transforms cyber risk management by leveraging network scale and efficiencies, providing actionable insight, and improving overall operational effectiveness while eliminating risks to patient safety, data, and care delivery. Censinet is an American Hospital Association (AHA) Preferred Cybersecurity Provider. Find out more about Censinet and its RiskOps platform at censinet.com.
# # #