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Covenant Makes Follow-On Investment in Hill Research

Hill Research |

Covenant has made a follow-on investment in Hill Research, with the New Jersey Economic Development Authority (NJEDA) Evergreen Innovation Fund participating as a limited partner. The investment was announced on July 1, 2026. Terms were not disclosed.

About the Investment

Covenant is an alternative investment firm focused on private credit and growth-stage venture capital. The follow-on reflects continued conviction in Hill Research’s AI-powered infrastructure for clinical trial biostatistics and regulatory workflows, and deepens the company’s ties to New Jersey’s innovation economy through the NJEDA’s Evergreen program.

René Bastón, Venture Partner at Covenant, said:

“Hill Research exemplifies the kind of Deep Tech innovation we champion — an AI-first engine that automates regulated clinical trial data and statistics workflows while producing submission-grade outputs. That fusion of agentic AI and experienced biostatistics teams reduces cycle time and mitigates risk for pharma companies, contract research organizations, and functional service providers. We’re thrilled to do this in New Jersey, where our partnership with NJEDA is catalyzing founders, capital access, and good jobs across the innovation economy.”

Louise Liu, PhD, MBA, Founder & CEO of Hill Research, said:

“We’re thrilled to partner with Covenant Venture Capital. René’s digital health expertise and operator mindset will help us expand our AI-enabled offerings while maintaining the scientific rigor our sponsors count on. With Covenant Venture Capital and NJEDA’s Evergreen program behind us, we’re positioned to continue to scale our platform, grow our clinical trial data and statistics, and FSP capabilities, and deliver even greater impact for patients and the industry.”

Growth Behind the Round

The announcement cites Hill Research’s performance over the prior year:

  • Revenue increased approximately fourfold from 2024 to 2025
  • Enterprise value doubled over the same period

That growth has been driven by adoption of TriClick, Hill Research’s platform for automating statistical programming and regulatory submission pipelines — from locked clinical databases through to FDA filings — with a human in the loop for compliance.

Context for Hill Research

The investment continues a relationship with the New Jersey innovation ecosystem that Hill Research has been building through 2026, including showcasing at the NJEDA NJ Innovation Evergreen Fund Board Advisory Meeting in May. New Jersey’s concentration of pharmaceutical headquarters, life sciences research institutions, and active public-sector support makes it a natural base for a company working at the intersection of AI and regulated clinical research.

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