Phoenix-based Dot Compliance, which provides an AI-powered quality management system for compliance, announced it closed $17 million in Series B extension funding, bringing its total funding to $50 million.
The funding round was led by existing investors IGP Capital and Vertex Ventures with additional investment from TPY Capital.
WHAT IT DOES
Dot Compliance AI solutions provide a vendor-neutral eQMS platform for compliance needs, which includes document, change and supplier quality management. Compliance regulations and standards that the solutions address include FDA 21 CFR Part II, FDA 21 CFR Part 820 and EU GMP Annex II.
Dot Compliance will use the funds to further develop its AI solutions and drive customer acquisition and innovation.
“We are thrilled about this new phase of growth in Dot Compliance’s evolution. From the initial launch of our quality management platform to our AI-enabled solutions…to our transformation to a data company, Dot Compliance continues to be at the forefront of innovation. We’re excited for this new journey and grateful for the continued support of our investors,” Mickey Landkof, general manager and global VP of sales at Dot Compliance, told MobiHealthNews in an email.
MARKET SNAPSHOT
Dot Compliance was founded in 2015 and launched its generative AI eQMS solution, Dottie AI, in 2023.
Competitors in the eQMS space include AI-driven Intellect and Ireland-based Qualio.
Intellect launched its AI-powered eQMS platform in September of 2023, called Intellect AI. The eQMS software uses OpenAI and ChatGPT for its AI assistant to make quality and safety more efficient without the use of coding.
In 2021, Cork-based Qualio secured $50 million in a Series B funding round. The round was led by Tiger Global and Menlo Ventures with additional support from existing investors Storm Ventures, MHS Capital, Sorenson Ventures and Frontline Ventures.
Credit: Source link
