Clinical ink, a Winston-Salem, North Carolina, company that builds electronic clinical outcome assessment (eCOA) and connected device technology for clinical trials, announced on October 19, 2026 that Ardan Equity and GI Partners have each put new equity into the business. The two firms will now share control of the company. Chief Executive Officer Jonathan Goldman, MD, framed the deal as a vote of confidence from both a new backer and a familiar one. “The management team and I are excited to work closely with Ardan and GI Partners to drive the next chapter of Clinical ink’s evolution. We were impressed with Ardan’s expertise, capabilities, and commitment to our company’s growth,” Goldman said.
How the Deal Is Structured
This is a recapitalization rather than a conventional fundraising round. Ardan invested through its first flagship fund, Ardan Equity Fund I, while GI Partners reinvested through a newer vehicle, GI Partners Fund VI. Existing investors, GI Partners Fund V among them, fully exited their prior stakes. In practice, GI rolled its position in Clinical ink from an older fund into a newer one and brought Ardan in as an equal partner. Financial terms were not disclosed, according to Ropes & Gray, which advised Clinical ink and GI Partners Fund V.
The company says the new owners will work with management to scale the platform globally and pursue opportunities in both clinical research and clinical care. For Goldman, continuity mattered as much as the new money: “Our team is delighted that our long-term investors at GI remain with us given their longstanding experience with the company and its growth plans.”
What Changed Since GI’s 2020 Buyout
GI Partners first came in during August 2020, when it acquired Clinical ink with Raleigh-based NovaQuest staying on as a minority investor. At that point the company was led by longtime CEO Ed Seguine. Goldman, a cardiologist who previously ran Abzena and Aptuit, succeeded Seguine in early 2023.
Since 2020, according to Clinical ink, the business has grown revenue, moved into more therapeutic areas, and deepened preferred provider relationships with large pharmaceutical sponsors. It also added new products. GlucoseReady™, launched in April 2024, is a digital platform for cardiometabolic trials that pulls in continuous glucose monitoring, weight scale, and actigraphy data alongside patient-reported outcomes. It incorporates SPUR™, a behavioral assessment tool the company uses to predict patient adherence. Clinical ink has also begun pushing beyond trials into disease management through its Kaitality™ application.
Dave Kreter, Managing Director and Head of Healthcare at GI Partners, who also chaired Clinical ink’s board when Goldman was hired, pointed to broader industry pressure as the reason to stay invested. “Looking ahead, we believe the accelerating pace of pharma R&D, the increasing complexity in clinical trials, and the need for high-quality tech solutions will provide strong tailwinds behind Clinical ink, and we look forward to building on that success alongside Ardan as the company enters its next phase of growth,” Kreter said.
A First Bet for Ardan’s New Fund
Ardan is a Palm Beach, Florida, private equity firm that invests only in healthcare and life sciences technology. Clinical ink marks the opening deal for its first institutional fund. Noah Lewis, Managing Partner at Ardan Equity, described the timing this way: “We’re delighted to welcome Clinical ink as our inaugural investment in Ardan Equity Fund I and as our eighth platform investment since 2020. We believe Clinical ink is at a key inflection point, with a compelling platform, a growing portfolio of leading pharmaceutical sponsors, and a strong path towards further expanding its footprint across the industry.”
Ardan was advised by Goodwin Procter, Raymond James, and Ernst & Young. Centerview Partners and Guggenheim Securities served as financial advisors to Clinical ink and GI Partners Fund V.
About Clinical ink
Clinical ink helps pharmaceutical companies collect patient and clinical data in complex trials through eCOA tools and integrated connected devices. Its configurable platform is designed to support sophisticated study designs and produce data suitable for regulatory submissions. The company also offers direct data capture, eConsent, and digital biomarker capabilities.
