ANN ARBOR, MI – January 7, 2019 – Ripple Science announced that it has completed a $2.5M equity financing round. The financing will be used to scale sales and marketing, and expand the company’s commercial reach within industry, market research and academia. OR 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 management with real-time analytics to track progress and mitigate risks. Ripple helps research and clinical trial teams stay on task with centralized communication. With Ripple, researchers are automatically building a participant registry which can be shared and used for future trials.
Investors in this round include Dundee Ventures, Mercury Fund, Springtime Ventures, M25, Revolution Ventures and the Michigan Angel Fund as well as Ripple Science’s earlier investors that include Invest Detroit, Invest Michigan, and the MINTS fund out of the University of Michigan. Greg Beaufait, Partner at Dundee Ventures, will join the Ripple board. The company initially set out to raise $2.0M in new financing, but with strong interest from both current and new investors, the round was oversubscribed.
Dundee Ventures is pleased to join Ripple Science as an investor, said Greg Beaufait, Partner, Dundee Ventures. “Ripple addresses a true white space (in the clinical trial) industry that is already accelerating research and saving clinical research sites millions of dollars while enabling researchers to complete studies much faster. Peter and his team have the requisite experience to scale the company to its full potential.”
“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 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 within among their teams.
In 2020, Ripple aims to release several new product features and expand its team in Ann Arbor, Michigan. In 2019 the company increased recurring revenue (ARR) from subscription fees by 300% and is on track to triple ARR again in 2020.
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