InpharmD, An AI-Based Drug Information Service, Announces $6.05M in Funding
Atlanta, GA - December, 11 2023 - InpharmD, an AI-based drug information service, announced the close of a $6.05M oversubscribed seed round, led by 645 Ventures, a healthcare and technology venture capital firm. Also contributing to the round are Atlanta Ventures, Y Combinator, Qlarant Capital, SF ELC, and other notable angels.
Hospitals face pressing challenges accessing reliable drug information, mainly from paywalls and limited clinician time to manually search literature. Simultaneously, workforce shortages, supply chain disruptions, and a 5% national surge in drug spending, with hospitals experiencing an additional 5% increase, have inflated expenses. Studies show that evidence-based practices -those informed by scientific research and data analysis - reduce 30% of medication errors, 20-30% of adverse events, and 20% of unnecessary medical procedures, all while cutting 18% of healthcare costs, without affecting patient satisfaction.
InpharmD facilitates evidence-based care by making on demand drug information accessible, using artificial intelligence (AI) combined with pharmacists’ expertise to stitch together custom, data-driven responses to clinical questions and formulary requests. Additionally, InpharmD supports cost-efficient decision-making by suggesting data-driven therapeutic interchanges and protocols that reduce patient hospital stays (a $377.5B annual cost).
Partnering with 11 health systems and integrating with platforms like Alexa and Epic, InpharmD assists over 100 hospitals and 10,000 clinicians with literature searches, saving two hours and summarizing 12 clinical studies per search. Over two years, Our CTO Tulasee Rao Chintha has curated a database of 30 million clinical studies and uses a blend of large language models (self made plus open source) to search and summarize relevant literature. Reinforcement learning is done by COO Neil Patel's team of clinical pharmacists to ensure both search and summaries are perfect for the end clinician user, and to improve the algorithm for the next search.
The partnership with 645 Ventures not only brings financial support but also strategic guidance and industry expertise, strengthening InpharmD's AI capabilities. InpharmD's CEO, Ashish Advani, PharmD, expressed his gratitude for the strong support from 645 Ventures and other investors: "This funding will advance our mission to empower healthcare professionals with more precise, timely, and data-driven drug information. We’re thrilled for this partnership.”
For more information about InpharmD, please visit www.inpharmd.com.
About 645 Ventures:
645 Ventures is a venture capital firm that specializes in early-stage investments, with a particular focus on healthcare and technology. The firm provides strategic guidance and funding to innovative startups, enabling them to achieve their full potential.
About InpharmD: