First Analysis acted as the exclusive financial advisor to Phigenics in its majority growth investment from Battery Ventures

CHICAGO – September 24, 2026 – First Analysis acted as the exclusive financial advisor to Phigenics, a healthcare-focused end-to-end water risk management platform, in its majority growth investment from Battery Ventures. The partnership is intended to position Phigenics for continued growth through increased investment in new and existing products, as well as expansion into new markets.

Phigenics is the only independent, healthcare-focused water risk management platform that unifies testing, sensors, and analytics into a single, objective platform – shifting facilities from reactive compliance to predictive prevention. Through its accredited laboratories and proprietary phiAnalytics software, Phigenics helps more than 250 customer organizations, including major hospital systems and VA facilities, manage waterborne pathogen risk and meet a growing set of regulatory standards. The company is also expanding into other industries with critical water-safety needs, including hospitality and retail.

“Partnering with Battery will provide additional resources and expertise to accelerate innovation, expand our capabilities and reach, and help us continue to deliver exceptional value to our clients,” said Mark Crockett, CEO of Phigenics. “First Analysis’s guidance and market insight were invaluable throughout this process, and we’re grateful for their partnership in helping us find the right long-term partner in Battery.”

“Phigenics is inherently a strong technology platform with differentiated solutions, proven ROI and a loyal, growing customer base that understands the importance of systematic detection and monitoring of waterborne pathogens” said Matt Nicklin, managing director at First Analysis. “It was a pleasure to bring technology investors into the Phigenics process to help the company build upon its existing momentum, and Battery will be a phenomenal partner to an already exceptional business.”

First Analysis drew on its extensive healthcare, environmental and water tech research and experience and was actively engaged with Phigenics prior to and throughout the transaction process. First Analysis conducted extensive market and white-space analysis to define the full scope of the company’s opportunity, ran a highly competitive process that creatively positioned the company’s recurring services model to highlight retention strength and long-term growth, and helped Phigenics achieve both its near-term and long-term goals through preparation, positioning, investor coordination, due diligence and negotiation.