Novelution Company Profile

Background

Overview

Founded in 2002, Novelution is a privately held company specializing in research administration software solutions. Headquartered in New York City, the company offers a suite of integrated modules designed to streamline and enhance research management processes for academic institutions and research organizations.

Mission and Vision

Novelution is committed to delivering innovative, user-friendly, and customizable research administration solutions that cater to the unique needs of each client. By focusing on flexibility and continuous evolution, the company aims to reduce administrative burdens and compliance risks, thereby facilitating more efficient research operations.

Key Strategic Focus

Core Objectives

• Customization and Flexibility: Providing tailored solutions that adapt to the specific workflows and requirements of each institution.

• User Experience: Ensuring intuitive interfaces and seamless integration across modules to enhance user satisfaction.

• Continuous Improvement: Regularly updating features and functionalities to keep pace with evolving research administration needs.

Areas of Specialization

Novelution's product offerings encompass several key areas:

• Grants & Contracts: Modules for managing sponsored research pre-award and post-award processes, subawards, and non-financial agreements.

• Compliance: Tools for Institutional Review Board (IRB), Institutional Animal Care and Use Committee (IACUC), and Institutional Biosafety Committee (IBC) management.

• Conflict of Interest (COI): Systems to handle financial conflicts of interest and conflicts of commitment.

• Current & Pending (C&P): Dashboards for tracking other support and current and pending projects.

• Effort Reporting: Solutions for monitoring and reporting research effort allocations.

Key Technologies Utilized

The company's platform is built on a smart and nimble backend architecture, enabling:

• Deep Integration: Seamless connectivity between modules to eliminate redundant data entry and maintain data integrity.

• User-Centric Design: Interfaces optimized for desktops, tablets, and mobile devices to ensure accessibility and ease of use.

• Scalability: A flexible system architecture that supports easy expansion and customization to meet evolving client needs.

Primary Markets Targeted

Novelution primarily serves academic institutions, universities, and research organizations seeking comprehensive and customizable research administration solutions. Notable clients include the University of Pennsylvania, Cornell University, and Florida Atlantic University.

Financials and Funding

Funding History

Novelution has raised a total of $80,000 in funding over one round.

Revenue and Employees

The company generates approximately $4 million in annual revenue and employs around 17 individuals.

Technological Platform and Innovation

Proprietary Technologies

Novelution's platform is distinguished by its:

• Integrated Modules: A suite of interconnected tools covering all aspects of research administration.

• Customizable Architecture: A system designed for easy modification and expansion to meet specific client needs.

Significant Scientific Methods

The platform incorporates:

• Automated Workflows: Streamlining processes to reduce administrative burdens.

• Data Integrity Measures: Ensuring accuracy and compliance across all modules.

Leadership Team

Key Executives

• Yaniv Eyny: Serving as the CEO, Yaniv brings extensive experience in software development and strategic management, guiding Novelution's vision and growth.

Competitor Profile

Market Insights and Dynamics

The research administration software market is characterized by a demand for integrated, user-friendly, and customizable solutions that address the complex needs of academic and research institutions.

Competitor Analysis

Key competitors include:

• LinkEdge Technologies: Offers research management solutions with a focus on integration and user experience.

• Technolab Software Services: Provides software services catering to various aspects of research administration.

• Lancaster Software: Specializes in custom software solutions for research institutions.

These competitors emphasize integration, user experience, and customization in their offerings.

Strategic Collaborations and Partnerships

Novelution has established partnerships with several academic institutions to implement and tailor its research administration solutions. For instance, Florida Atlantic University launched Novelution's Research Management System university-wide on July 1, 2020, highlighting the platform's adaptability and effectiveness.

Operational Insights

Competitive Advantages

Novelution differentiates itself through:

• Customization: Tailoring solutions to fit the unique workflows and requirements of each client.

• User Experience: Prioritizing intuitive design and accessibility across devices.

• Continuous Evolution: Regularly updating features to meet the changing needs of research administration.

Strategic Opportunities and Future Directions

Looking ahead, Novelution aims to:

• Expand Client Base: Reach more academic and research institutions seeking customizable administration solutions.

• Enhance Platform Features: Develop new functionalities to address emerging challenges in research management.

• Strengthen Partnerships: Build deeper collaborations with existing clients to refine and improve offerings.

Contact Information

• Website: www.novelution.com

• Headquarters: New York City, New York, United States