Novawise Inc., a Halifax startup developing customer relationship management software for pharmaceuticals and other regulated industries, has received investment from two pillars of the Saint John tech community with strong links to investor Gerry Pond.
Mariner, a diverse consulting and IT services company, and East Valley Ventures, a financing and support group for tech companies, said in a statement they would invest an undisclosed amount in Novawise. Pond, one of the most prominent tech investors I the country, is the Chairman of Mariner and a Co-Founder of East Valley Ventures.
“What this means is it’s a validation of the highest order from my perspective of what we’re doing,” said Novawise CEO David MacKinnon in an interview. He declined to say how much the two groups are investing. The company has raised $750,000 in financing from angel investors previously.
Headed by MacKinnon and Chief Technology Officer Steve Macdonald, Novawise has developed a customer relationship management solution for the pharmaceutical industry that collects data from sales reps in the field and then analyses the data in reports for managers. The team has enhanced the software so it is now applicable to other industries, especially those with strong regulatory oversight.
MacKinnon said the benefits of the deal extend far beyond the money that Novawise will receive. For example, the company is now searching for three to six developers to work on the rollout of new products and fine-tuning of its core pharmaceutical solution. In the interim, Mariner – one of the largest independently owned IT firms in Atlantic Canada with offices in Saint John, Moncton, Fredericton, Halifax, Regina and Calgary – is lending Novawise software developers to help with these projects. There are now two working in the Novawise office, and MacKinnon said the number could rise to six as demand warrants.
“On the technical side, Mariner has people who can advise us on where we should go with the development of our products,” said MacKinnon. “It helps us to execute our business model. And, I mean, who’s kidding who? It’s Mariner. Having them working with us may cause other people to sit up and take a look at us.”
He has said before that Novawise aims to book $4 million in revenue in 2013 and added yesterday that the company is on track to reach that goal. The company expects to sign a deal with a pharmaceutical company this year to launch a paid trial with the software, to be followed by an oil and gas company early next year. Toronto investment firm York Bridge Enterprises has also introduced Novawise to a leading telecom company, which may soon launch a trial of a Novawise product.