Following rapid growth in its customer base to over 400, funding will fuel further AI development and create a hybrid solution to help life sciences organizations bridge the gap between quality systems and eliminate vendor lock-in
Dot Compliance, a provider of AI-enabled Quality Management System (QMS) solutions, today announced it 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.
Doron Sitbon, founder and CEO of Dot Compliance, said: “This funding will allow us to accelerate our momentum and double down on our AI solution. 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.
Dr. Yuval Nardi, Chief Data Scientist of Dot Compliance, said “We are in the midst of an AI revolution with major breakthroughs happening in the last couple of years. 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.”
Demand is being 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.
Yoni Levy, Partner at IGP Capital, said: “We are thrilled by the opportunity to double down on our investment in Dot Compliance under Doron’s leadership. 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.”
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.
The new functionality will address customer challenges including the news that Veeva Systems (NYSE: VEEV) is moving its CRM solution off the Salesforce (NYSE: CRM) 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.
Aviad Ariel, General Partner at Vertex Ventures, said: “We are excited to continue our support of Dot Compliance. Over the past 5 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 5 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.”
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.
Founded in 2015, Dot Compliance offers the industry’s first ready-to-use Quality Management System powered by the Salesforce.com platform. The Dot Compliance Suite includes an extensive set of off-the-shelf ready QMS and compliance pre-configured best practice processes, enabling customers to deploy quickly and cost effectively. The company’s solutions are trusted by life sciences companies, both large and small, worldwide. The solutions are fully compliant with 21 CFR part 11, EU-Annex 11 and support ISO 9001, 13485, 14971 and 27001.
Amit Innes, CFO of Dot Compliance said: “I am thrilled with the completion of our recent funding round. Our investors placed their confidence in Dot Compliance once again thanks to the rapid growth the company has experienced in spite of macro headwinds in the life sciences sector and the global economy. This investment underscores the confidence investors have placed in our vision, technology, and team. With this infusion of capital, we are poised to accelerate our growth, expand our market presence, and further innovate within the regulatory compliance space. We are deeply grateful for the trust and support of our investors.”
Credit : Dot Compliance
