The funding round was led by Omaha-based Dundee Venture Capital, according to President and CEO Peter Falzon. Other participants include the Rise of the Rest seed fund, from AOL co-founder Steve Case’s Washington, D.C.-based Revolution Ventures; Houston-based Mercury Fund; Denver-based SpringTime Ventures; Chicago-based M25; and Red Cedar Ventures in East Lansing.
Ripple’s online systems streamline the clinical trial processes, lowering costs and reducing the time to market. Ripple’s client base also includes public health researchers and market researchers.
Previous investors also returned to contribute to the cloud-based software company’s new financing: Invest Detroit Ventures, Invest Michigan and the University of Michigan’s Michigan Investment in New Technology Startups initiative, according to a news release. Before this, Ripple had raised $2.5 million since its founding in 2016.
Falzon, a U-M graduate who returned to the region two years ago after 25 years in Silicon Valley’s biotech industry, said Ripple wouldn’t have grown without the funding ecosystem in metro Detroit and Michigan. He cited groups including Invest Detroit Ventures and Invest Michigan, and “efforts being made to create the startup environment by setting up these sources of capital for early stage companies.”