In the pharmaceutical industry, getting your drug to market is a lengthy process. Research, experiment design, trials, and approvals can take anywhere from 9 to 15 years for a single product.
Trials.ai was created to help make it easier for researchers running clinical trials to get to market faster and cheaper. Their solution uses artificial intelligence to give insights on trial design, identify threats and opportunities, and navigate stakeholders through the entire process.
How much is Trials.ai doing in MRR?
Trials.ai is a pure-play SaaS company that charges its customers on a per user, per month basis. Average clinical trials generate approximately $200k in annual bookings for the company.
Launched in 2016, the company spent its early days training its algorithms on historical trial data. Today Trials.ai has worked with five total studies across 4 total customers and is doing $25k in MRR. According to CEO Kim Walpole, the company was pre-revenue just 12 months ago, but has closed $250k in bookings in the last 2 months alone.
How much has Trials.ai raised?
Trials.ai raised $750k in December of 2017 and is currently looking to raise an additional round. The company is attempting to raise $2.5M at a $10M pre-money valuation and is garnering significant interest thus far.
Despite their low revenue figures, Walpole is confident in their valuation due to the nature of long sales cycles in this industry. According to her interview on The Top Entrepreneurs Podcast, she explained that the company is about to land seven more trials in the coming months.
How big is the Trials.ai team?
Trials.ai’s team of 8 full-time employees is based in San Diego and San Francisco right now. They are focused on landing new customers and are exploring pricing structure going forward.
Walpole believes their product provides significant value and can reduce researchers output significantly. Keep an eye on this rapidly growing company as they look to raise $2.5M and continue to land enterprise clients.