Peppermint raised $4.7 million in seed funding to expand its AI-powered financial operations platform for clinical research organizations and hospital systems. The round was led by Moxxie, with participation from Homebrew, Better Tomorrow Ventures, Layout Ventures, Digital Health Venture Partners, and Night Capital. Angel investors Benjamin Mann and Evan Moore also participated.
David Freeman and VJ Thurimella founded Peppermint; they previously helped build financial infrastructure at X1 and Robinhood.
The company’s platform handles billing and financial operations for clinical research sites, where information often sits across separate systems used by sponsors, contract research organizations, health systems, and research sites.
Peppermint combines purpose-built AI with human billing specialists.
Its system ingests information from clinical trial management software, compares it with contracts and past payments, generates invoices, and manages collections.
The company said partners using its platform have collected revenue three times faster, reduced overdue invoices by threefold, and reclaimed approximately 20% of staff time previously spent on billing.
The number of studies managed through Peppermint has tripled over the past three months.
Peppermint plans to use the funding to expand beyond collections into budget negotiation, expense management, and clinical trial analytics.
The company’s longer-term goal is to create a comprehensive financial ledger for clinical research operations.
KEY QUOTES:
“At X1 and Robinhood we helped build systems designed for precision and scale, to process billions of dollars every year. We’re bringing that architecture to clinical research, converting earnings into friction-free collections that also provide CROs and sponsors with cleaner data from the source.”
David Freeman, Co-Founder of Peppermint
“Peppermint is bringing the discipline of modern fintech to one of healthcare’s least-examined back offices.”
Alex Roetter, Managing Director and General Partner at Moxxie
