(Dot Compliance: Phoenix) — Dot Compliance, a provider of AI-enabled quality management system (QMS) solutions, has raised $17.5 million in Series B extension funding, marking a significant up round. The new round of financing was co-led by existing investors IGP Capital and Vertex Ventures with participation from TPY Capital, and brings total funding to $50 million to date.
“We are thrilled by the opportunity to double down on our investment in Dot Compliance under Doron’s leadership,” says Yoni Levy, partner at IGP Capital. “This extension at substantial up-round is a testament to the tremendous growth the company has experienced since we led its B Round in 2022, and is intended to accelerate the momentum with enterprise customers and bring the message of AI to compliance and life sciences.”
The latest funding follows a year in which Dot Compliance dramatically grew its client base and made significant technology investments, even as others in the industry have contracted. This includes the company’s continued development of Dottie AI, which automatically scans vast amounts of text and diverse data, identifies correlations, and provides ongoing, up-to-date AI insights. It empowers teams to work more efficiently, runs insights in seconds to save time and money while reducing manual workloads, and enhances regulatory compliance.
منبع: https://www.qualitydigest.com/inside/fda-compliance-news/dot-compliance-raises-175-million-round-series-b-extension-funding
Demand is fueled by the current regulatory and economic environment, in which life sciences organizations need a trusted technology partner to help them reduce risk, deploy AI to achieve operational excellence, and bridge the gap between regulated systems through a vendor-agnostic solution that eliminates vendor lock-in.
Dot Compliance introduced the industry’s first ready-to-use QMS powered by the Salesforce.com platform in 2015 and launched the industry’s first eQMS with generative AI capabilities, Dottie AI, in April 2023. The company is now extending its offering to deliver a vendor-agnostic, hybrid solution that will enable organizations to free themselves from vendor lock-in and reduce their total cost of ownership.
“This funding will allow us to accelerate our momentum and double down on our AI solution,” says Doron Sitbon, founder and CEO of Dot Compliance. “We are thrilled to be able to offer a solution that makes AI-powered insights accessible to all in the life sciences industry, regardless of what data sources they currently use. Dot Compliance is transforming into a data company as we create a new category of AI-driven compliance.”
Dot Compliance will use the proceeds to accelerate its AI software solutions, drive continued product innovation and customer acquisition, and meet escalating market demand for AI-driven solutions that help life sciences organizations improve quality management and meet dynamic compliance requirements.
“We are excited to continue our support of Dot Compliance,” says Aviad Ariel, general partner at Vertex Ventures. “Over the past five years, we have been fortunate to see Doron’s vision come to life as Dot Compliance has evolved from a seed-stage startup to a leading eQMS platform with its unique out-of-the-box solution. We believe the next five years are going to be even more exciting as Dot Compliance is well positioned to define the AI QMS category, making compliance a business enabler and driver.”
“We are in the midst of an AI revolution with major breakthroughs happening in the last couple of years,” says Yuval Nardi, chief data scientist of Dot Compliance. “Dot Compliance is evolving into a data-centric company, significantly improving quality and compliance processes in the life sciences sector by introducing a groundbreaking, dedicated, and fine-tuned AI data pipeline leveraging cutting-edge generative and predictive AI technologies. This provides our customers with timely, precise, and actionable AI-driven insights tailored to their specific use cases.”
The new functionality will address customer challenges, including the news that Veeva Systems is moving its customer relationship management (CRM) solution off the Salesforce platform, which will force current customers to choose between the two platforms. Dot Compliance has identified this challenge and is offering an alternative solution that will allow customers to run seamlessly in a hybrid environment.