ANN ARBOR, MI – January 7, 2020 –
Today Ripple Science announced that it has completed a $2.5M equity financing round, attracting more than $2M from a syndicate of out-of-state venture funds. The financing will be used to scale sales and marketing efforts, expanding the company’s commercial reach among private and public clinical research organizations.
Ripple is a HIPAA compliant, SaaS platform that saves researchers time by effectively managing all levels of participant recruitment and retention for clinical trials. 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. With Ripple, researchers are automatically building their own participant registries which can be shared and leveraged for future trials.
Investors in this round include Dundee VC, Mercury Fund, SpringTime Ventures, Red Cedar Ventures, M25, Revolution’s Rise of the Rest Seed Fund and previous investors including ID Ventures, Invest Michigan, and the MINTS fund out of the University of Michigan. Greg Beaufait, Partner at Dundee VC, will join the Ripple board.
“We are pleased to partner with Ripple Science and lead their seed financing,” said Greg Beaufait, Partner at Dundee VC. “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.”
“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,” commented Peter Falzon, Ripple Science President and CEO. “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.”
In 2019 the company increased annual recurring revenue (ARR) by 270% and is on track to triple ARR again in 2020. Ripple aims to release several new product features and expand its team in Ann Arbor, Michigan, during the current year.
About Ripple Science: Ripple Science 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 our customers recruit more participants, faster and reduces patients lost to follow-up.
Ripple Science’s flagship product, Ripple, is currently being used by research investigators at more than 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.
To learn more, please visit: https://www.ripplescience.com
Amanda Holdan-Sinisi, Director of Marketing