US-based real-time market research platform Thrivable raised seed funding of US$ 1.7 million on 10 June 2021.
Investors: The Investors in the seed round include Allos Ventures, JumpStart, North Coast Ventures and Early Light Ventures.
Purpose of the funding: The funds raised will be utilized by the company to expand its global team of full-time employees and focus on the areas of technology, research, data science, sales and marketing.
Founded by David Edelman, Thrivable is a technology platform that helps health care organizations tap into a comprehensive patient database to do market research activities. The market research process in Medicine is slow, expensive and frustrating for companies. Thrivable has created a solution that reduces the time it takes to get insights from months to hours.
The startup claims that it has a roster of more than 40,000 patients. Thrivable allows health care companies to complete surveys, interviews, usability studies in just a few days as compared to the industry standard of weeks and even months.
Thrivable has some of the largest medical technology companies on its customer list. “Having quick and easy access to our target audience has provided us a powerful tool for the business, allowing us to shorten the cycle for testing, making revisions, and re-testing,” said John Mueckler, senior marketing research and analytics program manager at Medtronic.
Apart from large companies, many medtech startups, such as Diabeloop and Tandem Diabetes Care, also use Thrivable’s services to engage with patients as early as possible. This helps them to expedite the product design and development process.
What the CEO has to say: “We know that in today’s extremely competitive environment, the most patient-centric companies win. It’s why we enable on-demand access to quality panellists that companies need to make sure patient insights inform everyday decisions. Thrivable pairs precision-targeting with a platform that automates hundreds of critical steps to make the research process effortless. In this sense, we’re democratizing access to patient insights for startups.” — David Edelman, CEO of Thrivable.
What investors have to say: “We see Thrivable as the answer to the unique challenges health care market researchers face today, getting the quality patient insights needed to be agile in an incredibly competitive market. We’re excited to be a partner as Thrivable continues to innovate its platform and expand the health conditions that it serves.” — Paul Ehlinger, principal at Allos Ventures.
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