Censinet® Raises $7.8M in Series A Funding to Transform Third-Party Risk Management for Healthcare Providers
Post Summary
Censinet announced $7.8M in Series A funding to accelerate adoption of its third-party risk management platform for healthcare providers.
The funding was co-led by HLM Venture Partners and Cedars-Sinai Health System, with participation from Schooner Capital, LRVHealth, and Excelerate Health Ventures.
The funding will support the expansion of the Censinet Platform's capabilities, scaling the go-to-market team, and increasing adoption among healthcare providers.
The Censinet Platform is a third-party risk management solution designed exclusively for healthcare providers, offering real-time risk intelligence and automation to protect patient care.
Healthcare providers face unique challenges with vendor risks, such as cyber threats and compliance issues. Censinet addresses these by streamlining and automating risk management processes.
Visit Censinet’s website for more information.
Censinet, the third-party risk management company for healthcare providers, today announced that it raised $7.8 million in Series A funding co-led by HLM Venture Partners and Cedars-Sinai Health System with participation from seed investors Schooner Capital, LRVHealth and Excelerate Health Ventures.
Funding led by HLM Venture Partners and Cedars-Sinai Medical Center with participation from Schooner Capital, LRVHealth and Excelerate Health Ventures
Boston – April 23, 2019 – Censinet, the third-party risk management company for healthcare providers, today announced that it raised $7.8 million in Series A funding co-led by HLM Venture Partners and Cedars-Sinai Health System with participation from seed investors Schooner Capital, LRVHealth and Excelerate Health Ventures. Censinet will use the funding to build out the Censinet Platform’s vendor risk management capabilities, scale its go-to-market team, and accelerate adoption of the Censinet Platform by healthcare providers and their vendors.
“Censinet solves a significant cybersecurity and risk management problem that healthcare CIOs and CISOs must address today,” said Vin Fabiani, Partner at HLM Venture Partners. “We’re excited to partner with Cedars-Sinai to help Censinet accelerate adoption for its third-party risk management platform in partnership with the world’s leading healthcare organizations.”
In addition to the funding, Censinet also announced today the launch of the Censinet Platform, which is the first and only third-party risk management platform built by and for healthcare providers to manage the threats to patient care that exist within an expanding ecosystem of vendors (please see “Censinet Launches Industry’s First Third-Party Risk Management Platform Designed Exclusively for Healthcare Providers,” issued April 23, 2019).
“Third-party risk management is inefficient and a costly process for the healthcare industry at a time when resources are especially scarce” said Darren Dworkin, Senior Vice President and CIO at Cedars-Sinai Health System. “We see a big opportunity for a leader to both deliver a solution and improve compliance. Censinet’s singular focus on healthcare, their experienced team and commitment to security-first innovation position them perfectly to lead in this emerging and critical space.”
As part of the investment, Vin Fabiani will join the Censinet board of directors. The company also maintains an advisory board that includes C-level executives of top-tier healthcare providers and vendors who have served as design partners during the development of Censinet Platform.
“Censinet set out to overthrow the vendor risk management status quo in healthcare, delivering a solution that is at a fraction of the time and cost of antiquated approaches,” said Ed Gaudet, CEO and Founder of Censinet. “We’re very excited to have HLM Ventures and Cedars-Sinai join us as we help leading healthcare providers dramatically improve how they manage and reduce third-party vendor risks to patient care delivery.”
About HLM Venture Partners
HLM Venture Partners is a leading venture capital firm providing capital to emerging companies focused on health care services, health care information technology and medical devices. HLM has over $500 million of venture capital under management and works with the leading growth companies that are improving the quality of health care while reducing overall costs. HLM supports entrepreneurs as they turn innovative ideas into market-leading businesses, offering guidance on financial structuring, resource allocation and deployment, strategic planning, strategic introductions, and recruitment. HLM has been a lead investor in some of health care’s most innovative companies including: Change Healthcare, Teladoc, Nordic Consulting, ArroHealth, TYRX Medical, MedVentive, Trizetto and Healtheon. For more information, please visit www.hlmvp.com.
About Cedars-Sinai
Cedars-Sinai is a national leader in providing high-quality, patient-centered healthcare encompassing primary care as well as specialized medicine and research that leads to lifesaving discoveries and innovations. Since its beginning in 1902, Cedars-Sinai has evolved to meet the healthcare needs of one of the most diverse regions in the nation, continually setting new standards in quality and innovation in patient care, research, teaching and community service. Today, Cedars-Sinai is widely known for its national leadership in transforming healthcare for the benefit of patients. Cedars-Sinai impacts the future of healthcare globally by developing new approaches to treatment and educating tomorrow’s physicians and other health professionals. At the same time, Cedars-Sinai demonstrates a longstanding commitment to strengthening the Los Angeles community through wide-ranging programs that improve the health of its most vulnerable residents.
About Censinet
Censinet provides the first and only third-party risk management platform built by and for healthcare providers to manage the threats to patient care that exist within an expanding ecosystem of vendors. With its unique Censinet One-click AssessmentTM capabilities and Digital Vendor CatalogTM, the Censinet Platform reduces the time to assess vendor risk from weeks to seconds, while automating inefficient workflows and providing continuous real-time insights into the changing risk profile of each vendor. Censinet is based in Boston, MA and can be found at https://censinet.com/.
Contact:
Dan Gaffney
fama PR for Censinet
(617) 986-5036
censinet@famapr.com
Key Points:
What is the significance of Censinet's $7.8M Series A funding?
Censinet secured $7.8M in Series A funding to enhance its innovative third-party risk management platform for healthcare providers. This funding will accelerate the platform’s adoption, expand its vendor risk management capabilities, and scale its go-to-market operations, ensuring Censinet remains a leader in healthcare cybersecurity.
Who were the key investors in the Series A funding round?
The funding round was co-led by HLM Venture Partners and Cedars-Sinai Health System, with additional participation from seed investors Schooner Capital, LRVHealth, and Excelerate Health Ventures. These investors bring deep expertise in healthcare technology and innovation.
How will Censinet use the funding to improve its platform?
The funding will enable Censinet to:
- Build out the Censinet Platform's vendor risk management capabilities.
- Scale its go-to-market operations to reach more healthcare providers.
- Accelerate the adoption of its platform, ensuring better coverage of vendor risks within the healthcare ecosystem.
What makes the Censinet Platform unique?
The Censinet Platform is the only third-party risk management solution exclusively designed for healthcare providers. Its key features include:
- Real-Time Risk Intelligence: Continuously updated vendor risk profiles.
- Automation: Tools like One-Click Assessment™ streamline vendor assessments.
- Healthcare-Specific Focus: Developed in collaboration with leading healthcare providers to address industry-specific challenges.
Why is third-party risk management critical in the healthcare industry?
The healthcare industry is particularly vulnerable to vendor-related risks due to its reliance on an extensive ecosystem of third-party providers. Inefficient processes, such as manual assessments, leave healthcare providers exposed to cyber threats, compliance issues, and risks to patient care. Censinet’s platform addresses these challenges by automating risk management and providing real-time visibility into vendor risks.
Where can I learn more about Censinet's mission and solutions?
You can learn more about Censinet and its third-party risk management platform by visiting Censinet’s website.
