EDA Support Helps Fuel Growth of Software Testing Platform Company Tripod Technologies

On Aug 26, 2016

In a digital age, when having a robust web presence is essential for any small business, Cherry Hill-based Tripod Technologies software testing services help growing companies reduce their internet technology costs and improve their return on investments.

Tripod Technologies, headquartered in Cherry Hill, provides software testing services to growth-stage technology companies, along with companies in the healthcare and pharmaceutical industries. In 2014, Tripod Technologies unveiled eureQa, a cloud-based platform that enables companies to test their ecommerce sites and web browser-based applications before making them live for customer use. These services help companies not just at the launch of the site or the app, but continuously throughout the year. Tripod Technologies’ solutions push changes to the site content and updates to the app, making sure that all portions of the website and app are maintained without a glitch. The company’s clients include New Jersey-based iContracts and Bare Necessities®, as well as TargetX, a leading customer relationship management (CRM) Company in higher education.

The EDA recently closed on an Edison Innovation Angel Growth Fund loan to support Tripod Technologies. The company anticipates using the funding to grow its sales and expand its marketing efforts, and plans to grow its New Jersey presence to a staff of eight or more over the next two years.

“The funding will enable us to continue to help companies from New Jersey and around the world build better products faster and more efficiently, and, in turn, support their growth,” Tripod Technologies Chief Executive Officer Badri Nittoor said.

Created to enhance support of early-stage businesses that have already attracted funds from angel investors, the Edison Innovation Angel Growth Fund helps companies leverage that funding to directly finance uses such as key hires, product rollout, product enhancement and marketing/sales. Up to $250,000 in subordinated convertible debt financing is available for angel investor-supported technology companies. There is a 2:1 angel match funding requirement that must be received within 90 days prior to application.

“Many EDA programs are geared toward technology companies at their earliest stages,” EDA CEO Melissa Orsen said. “By providing funding to businesses that have attracted capital from investors, the Edison Innovation Angel Growth Fund helps companies like Tripod Technologies take their platforms and products to the next level.”

Since arriving on New Jersey’s technology scene in 2002, Tripod Technologies has repeatedly been recognized for its continued growth. Nittoor noted that his company was named as one of the Top 25 fastest growing private companies in South Jersey by Philadelphia Business Journal and Rowan University’s Rohrer College of Business, and as one of the fastest growing private companies in the United States by Inc.com.

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