Covenant Makes Follow-On Investment in Hill Research

Covenant Makes Follow-On Investment in Hill Research, Citing Fourfold Revenue Growth and Accelerating Market Adoption

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.

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 in the company's demonstrated ability to convert early-stage promise into measurable, 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. A follow-on investment requires a company to demonstrate not just growth, but the quality of that growth: consistent execution across product development, customer acquisition, and revenue generation.

Hill Research has met each of those criteria. 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 FDA submission-ready outputs. For example, TriClick AI agents deliver TFL packages 300 times 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.

“Our continued investment in Hill Research reflects the confidence we've developed through the company's execution, growth, and expanding market opportunity. 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.”

— 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 Rui, Founder & CEO of Hill Research

Company Performance and Momentum

Since Covenant's initial investment, Hill Research has established a measurable and growing presence in the clinical AI sector:

Revenue Growth: Approximately fourfold increase from 2024 to 2025, reflecting strong and expanding market demand for the TriClick platform.

Enterprise Value: The company's valuation doubled during the same period, consistent with its revenue trajectory and pipeline development.

2026 Outlook: Hill Research is targeting an additional 5-7x revenue growth, with valuation growth of 7-8x the previous round, supported by a deepening pipeline and increasing adoption across the life sciences ecosystem.

Capital Deployment: Recent investment has been directed toward continued platform development, operational expansion, and the growth of commercial opportunities across the sector.

Industry Recognition

Hill Research and Dr. Louise Liu have earned a growing portfolio of recognition that reflects the company's expanding influence across AI, life sciences, and business leadership. Hill Research was recently named to the 2026 Innovate100, an annual program recognizing New Jersey's leading innovators across technology, healthcare, life sciences, finance, and academia. Dr. Liu was honored in the Life Sciences category, placing the company among a distinguished group of organizations contributing to regional innovation and economic development.

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. The research, spanning cross-species transfer learning, gene expression modeling, and reducing LLM hallucinations in clinical settings, reflects the company's commitment to building audit-ready AI for healthcare and clinical trials.

Dr. Liu was also honored with the International Business Leader Award at the 2025 Witherspoon Gala, presented by the Witherspoon Institute in collaboration with the New England Chinese American Alliance. The recognition acknowledged her leadership in AI, data science, and entrepreneurship.

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

Forward Outlook

Looking ahead, Hill Research remains focused on expanding adoption of TriClick while deepening relationships across pharmaceutical, biotechnology, and clinical research organizations. As demand for scalable, compliant clinical AI solutions continues to accelerate, the company is well-positioned to extend its role in the evolving clinical AI ecosystem. Covenant's continued partnership reflects the firm's long-term commitment to high-growth companies creating durable value at the frontier of innovation.

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/

Contact Information

René Bastón

Venture Partner at Covenant

rene.baston@covenant-invest.com