A fast-growing Winston-Salem data management company has added to its portfolio with a new partnership aimed at the pharmaceutical industry.
Fluree, which develops secure database management platforms in Web3, has partnered with Orlando’s Vitality TechNet to build a semantic data infrastructure for pharmaceutical organizations looking to enable digital regulatory information management and accelerate drug discovery.
This partnership is the first big move for Fluree since it closed its $10 million Series A funding round in April. Founded in 2016, the startup experienced rapid growth in the last year – including its first-ever acquisition, new product capabilities and partnerships with Californian fintech company Fabric and Malayisan supply chain company Sinisana Technologies – that landed it on TBJ’s 2023 Startups to Watch list.
Based in Orlando, Vitality TechNet helps organizations and companies digitize operations and empowers them to use data to its fullest potential while prioritizing security and protection.
Together, the organizations hope to alleviate problems within the pharmaceutical industry.
As an industry, pharmaceuticals struggle with lengthy timelines and low success rates for new drugs and treatments. A study from QLS Advisors, Informa Pharma Intelligence and BIO found that drug development takes an average of 10.5 years, with only a 7.9% probability of a drug candidate in Phase I discovery receiving approval.
Fluree and Vitality TechNet believe that efficient and credible data sharing can lead to better processes, ultimately cutting costs, enabling more collaboration and potentially saving lives.
“Fluree is a perfect fit for pharmaceutical organizations seeking to balance regulatory compliance with innovation and to accelerate drug discovery, efficacy and efficiency,” said Eliud Polanco, president of Fluree. “Our ML-based data transformation pipelines and secure knowledge graph technology make it easier to share data across silos in a very safe and privacy-preserving way. This is what will enable more efficient regulatory reporting, faster discovery and continuous collaboration that can yield life-changing results.”
In the partnership, Fluree and Vitality TechNet will enable regulatory information management (RIM) functions to reduce error in regulatory submissions, identify potential risks and enhance safety monitoring.
Fluree’s technology provides an alternative to pharmaceutical data silos, allowing organizations to implement AI-driven data strategy to align with identification of medicinal products (IDMP) standards.
“We are thrilled to partner with Fluree on this groundbreaking effort to shorten the development timelines, especially in an industry in which time is truly of the essence,” said Steve Hamby, a senior semantic engineer at Vitality TechNet. “The joint solution promotes better data management, sharing and collaboration, leading to faster decision-making, increased success rates and, ultimately, the development of more effective drugs to improve patient outcomes.”
