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Peppermint Secures $4.7 Million to Fix Clinical Trial Billing

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Peppermint Secures $4.7 Million to Fix Clinical Trial Billing

Peppermint raised $4.7 million in seed funding for its artificial intelligence-powered financial operations platform designed for teams that run clinical research, the company said in a Thursday (Oct. 8) press release

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Peppermint’s platform is designed to provide a continuous, audited record of every visit, invoice and dollar a clinical research site is owed, according to the release.

The platform ingests data from a site’s clinical trial management software, cross-references it against payment history and trial contracts, invoices instantly and continuously and pursues collections, the release said.

Early users of the platform collect revenue three times faster, reduce overdue invoices by threefold and reduce by 20% the amount of time staff spend on billing, per the release.

With its new funding, Peppermint will expand its platform’s capabilities to include budget negotiation, expense management and clinical trial analytics, the release said.

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Peppermint Co-Founders David Freeman and VJ Thurimella met at X1, where they were the first business hire and first engineer, respectively, and helped build the financial infrastructure behind the consumer credit card business later acquired by Robinhood.

“At X1 and Robinhood, we helped build systems designed for precision and scale, to process billions of dollars every year,” Freeman said in the release.



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