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 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. Hill Research increased revenue approximately fourfold from 2024 to 2025. Over the same period, the company's enterprise value doubled.
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 across product development, customer acquisition, and revenue generation.
Hill Research's TriClick platform automates the statistical programming and regulatory submission pipeline from a locked clinical database to an FDA filing. Covenant states that TriClick AI agents deliver TFL packages 300 times faster with significantly fewer errors and fully traceable outputs.
Company Performance and Momentum
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 additional revenue growth, 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 were named to the 2026 Innovate100, a program recognizing New Jersey innovators. 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, where Dr. Liu also delivered a keynote address.
Dr. Liu was also honored with the International Business Leader Award at the 2025 Witherspoon Gala, recognizing leadership in AI, data science, and entrepreneurship.
About Hill Research
Hill Research is a Princeton, New Jersey-based company developing AI infrastructure for clinical trial biostatistics and regulatory workflows, focused on scalable, compliant data and submission processes through its TriClick platform.
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.
Media contact: René Bastón, Venture Partner at Covenant.