A Phoenix-based startup has raised a new round of capital to “double down” on its AI-powered quality management system for life sciences organizations.
Dot Compliance on Monday announced it closed a $17.5 million series B extension round, co-led by existing investors IGP Capital and Vertex Ventures with participation from TPY Capital.
“We are thrilled by the opportunity to double down on our investment in Dot Compliance under Doron’s leadership,” Yoni Levy, partner at IGP Capital, said in a statement. “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 will use proceeds from the new investment to accelerate further AI development and meet growing demand in the market for its quality management system after rapidly expanding its customer base to more than 400 life sciences companies and 200,000 platform users.
Customer demand is fueled by the current regulatory and economic environment in which life sciences organizations need technology to help reduce risk and streamline operations, the company said.
Dot Compliance launched its QMS powered by the Salesforce.com platform in 2015. It created what it describes as the industry’s first electronic quality management system with generative and predictive AI capabilities, Dottie AI, in April 2023, according to a company announcement.
Dottie AI automatically scans vast amounts of text and data, identifies correlations and provides AI insights in seconds to enhance regulatory compliance and reduce manual workloads, according to the company.
“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,” Doron Sitbon, founder and CEO of Dot Compliance, said in a statement. “Dot Compliance is transforming into a data company as we create a new category of AI-driven compliance.”
Sitbon was not immediately available for comment on the company's recent capital raise.
To date, Dot Compliance has raised $50 million, including a $23 million series B round in July 2022.
