Covenant's second commitment to Hill Research signals sustained conviction in a high-growth portfolio company operating at the intersection of artificial intelligence and life sciences.

PRINCETON, N.J., July 1, 2026 /PRNewswire/ -- Covenant has made a follow-on investment in Hill Research, a portfolio company developing AI-powered infrastructure for clinical trial biostatistics and regulatory workflows. The New Jersey Economic Development Authority (NJEDA) Evergreen Innovation Fund participated as a limited partner in Covenant. The decision to reinvest is rooted in a disciplined, evidence-based evaluation of Hill Research's execution since Covenant's initial commitment, and it's demonstrated ability to generate consistent, repeatable growth.

Hill Research increased revenue approximately fourfold from 2024 to 2025. Over the same period, the company's enterprise value doubled. Heading into 2026, Hill Research is positioned to grow an additional 5 to 8 times, supported by accelerating adoption of its platform, TriClick, across pharmaceutical, biotechnology, and clinical research organizations.

Why Covenant Invested Again

Covenant's investment framework prioritizes structure, discipline, and long-term conviction over short-term momentum.

Hill Research has consistently executed across product development, customer acquisition, and revenue generation. Its platform, TriClick, automates the statistical programming and regulatory submission pipeline from a locked clinical database to an FDA filing - a critical workflow in which precision, traceability, and efficiency directly affect the speed and cost of bringing treatments to market. TriClick provides a dramatic increase in the speed to generate FDA submission-ready outputs; for example, delivering TFL packages 300x faster with significantly fewer errors and fully traceable outputs. The company addresses a genuine operational gap in clinical research with a solution that is both scalable and fully compliant with regulatory requirements.

"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 provider. 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."

— René Bastón, Venture Partner at Covenant

"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."

— Louise Liu, Founder & CEO of Hill Research

Hill's momentum has strengthened since Covenant's initial investment: revenue grew fourfold from 2024 to 2025 while enterprise value doubled. For 2026, Hill targets 5-7x revenue growth and 7-8x valuation growth, with new capital supporting TriClick adoption, platform development, operations, and commercial expansion.

Recent Industry Recognition

Hill Research and Dr. Louise Liu have earned a growing portfolio of recognition. Hill Research was recently named to the 2026 Innovate100, recognizing New Jersey's leading innovators across technology, healthcare, life sciences, finance, and academia.

In January 2026, Hill Research's AI team presented three research projects at the SPARTA workshop during the 40th AAAI Conference on Artificial Intelligence in Singapore, one of the premier international academic conferences in AI, where Dr. Liu also delivered a keynote address.

Collectively, these honors reflect independent validation of Hill Research's differentiated position within clinical AI and the caliber of leadership driving its growth.

About Hill Research 
Hill Research is a Princeton, New Jersey–based company developing AI infrastructure for clinical trial biostatistics and regulatory workflows. The company focuses on enabling scalable, compliant data and submission processes within the life sciences industry, delivering automation, traceability, and operational efficiency through its platform, TriClick.

Learn More: https://www.hillresearch.ai/

About Covenant 
Covenant is a high-net-worth alternative investment firm focused on private credit and growth-stage venture capital opportunities. The firm emphasizes education, disciplined decision-making, long-term relationships, and access to opportunities beyond traditional public markets.

Learn More:
https://www.covenantventurecapital.com/
https://x.com/covenant_vc
https://www.facebook.com/CovenantVentureCapital/

Contact Information 
René Bastón
Venture Partner
rene.baston@covenant-invest.com

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SOURCE Covenant Venture Capital