Triumph Research Intelligence secures growth funding from Octopus Investments
Kingston Smith has helped Triumph Research Intelligence (TRI) secure funding from Octopus Investments. TRI is a company dedicated to risk-based monitoring in clinical trials. The funding will accelerate development of TRI’s core technology platform, OPRA, and expand its international presence.
Founded in 2014, TRI developed the first dedicated cloud-based software for risk-based monitoring. It enables early risk detection, improved data quality, increased operational efficiency and compliance with regulatory requirements. New regulatory guidance requiring risk to be considered from the start of a trial has driven demand for OPRA. TRI’s clients include pharmaceutical companies, clinical research organisations and bio-tech start-ups in the broader clinical trials market.
The Kingston Smith team, led by John Cowie, head of growth capital, and Paul Winterflood, director and technology specialist, assisted TRI in identifying interested funders. The team also advised the health-tech company on how to position its pitch. Kingston Smith’s tax specialists Mark Fielden and Tom Acland provided tax structuring advice throughout.
Duncan Hall, CEO of TRI, said: “John and his team were with us from the moment of introduction to the day of the deal closing and were invaluable throughout the process. As first-timers going through the VCT process, the Kingston Smith team helped us to understand and navigate what was required, and acted as mentors, advisers and partners as required. The Kingston Smith team is highly experienced and professional, and the breadth of talent within the organisation meant that, whatever advice was required, there would always be a specialist at hand.”
John Cowie of Kingston Smith, said: “It’s been great to work with Duncan and the TRI team and help them gain backing for their exciting growth plans. We are confident, with Octopus’s backing, they will revolutionise the clinical trials market using their technology platform.”
The deal is the second time the Kingston Smith team has helped a client secure funding from Octopus Investments in six months and its fourth growth capital fundraise completed in the last 12 months.