- Ripple Science announced it has raised $2.5 million in an equity financing round led by Dundee VC
Ripple Science announced it has raised $2.5 million in an equity financing round led by Dundee VC. This round of funding will be used for scaling sales and marketing efforts along with expanding the company’s commercial reach among private and public clinical research organizations.
The Ripple SaaS platform is HIPAA compliant and saves researchers time by effectively managing all levels of participant recruitment and retention for clinical trials. And Ripple provides real-time analytics to track progress and mitigate risks and empowers research and clinical trial teams through data-driven insights and a centralized communication platform. Using Ripple, researchers are able to automatically build their own participant registries which can be shared and leveraged for future trials.
The investors in this round include Dundee VC, Mercury Fund, SpringTime Ventures, Red Cedar Ventures, M25, Revolution’s Rise of the Rest Seed Fund. And the company’s previous investors include ID Ventures, Invest Michigan, and the MINTS fund out of the University of Michigan. Dundee Venture Capital partner Greg Beaufait is joining the Ripple board in conjunction with the funding round.
Ripple Science essentially accelerates clinical research with its secure HIPAA-compliant suite of tools. By adapting sales and marketing automation to the process of patient recruitment, Ripple helps its customers recruit more participants at a faster pace. And reduces patients lost to follow-up.
Ripple’s flagship product is called Ripple. And it is being used by research investigators at over 100 academic and research centers around the world, including Johns Hopkins University, Pennsylvania State University, University of California Los Angeles, the Brain Research Foundation Canada, University of East Anglia (UK), Cognito Therapeutics (Boston, MA) and the University of Michigan.
“The Ripple team has hit our stride, with strong performance in development, marketing, sales and customer success both with public health and industry-sponsored clinical trial users,” said Ripple Science President and CEO Peter Falzon. “We are most proud of our 106% net retention rate that shows our customers not only renew but are also expanding Ripple utilization among their teams.”
Last year, Ripple Science increased its annual recurring revenue (ARR) by 270% and it is on track to triple ARR again in 2020. Plus Ripple aims to release several new product features and expand its team in Ann Arbor, Michigan during the current year.
“We are pleased to partner with Ripple Science and lead their seed financing,” added Beaufait. “Ripple has a proven history of accelerating research initiatives and saving clinical research sites significant time and money, enabling researchers to complete studies much faster via their patient recruitment management software. CEO Peter Falzon and his team have the impressive experience and passionate knowledge of the customer required to scale the company to its full potential in this massive industry.”