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LabConnect President and CEO Eric Hayashi. (LabConnect Photo via LinkedIn.)

LabConnect, a 15-year-old company that provides support services to labs in biopharmaceutical, medical device, and contract research organizations, announced an investment round of $24.5 million.

Investors include ABS Capital Partners, Pablo Capital, and BroadOak Capital. The funds mark the company’s first institutional investment round and will be used for growth efforts, including building out the company’s technology platform.

“LabConnect is poised to continue its strong growth within the small and mid-tier biopharmaceutical market, accommodating the ever-increasing geographic and analytical complexity of clinical studies for our customers,” said Eric Hayashi, president and CEO of LabConnect, in a press release. “We were happy to provide a positive exit for our early backers and look forward to working with ABS Capital, Pablo, and BroadOak as we continue to bridge the gap between biotechnology companies and our network of laboratory partners.”

Hayashi, who attended Whitman College and received his MBA from the Wharton School, is the former VP of Corporate Development at Radiant Research.

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