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.
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.
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 Assessment™ capabilities and Digital Vendor Catalog™, 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/.