The funds, the company says, will be used to fuel the growth and development of the flagship LighthouseAI product suite.
LighthouseAI, promotes itself as an industry leader in compliance solutions for the pharmaceutical supply chain with more than seven years of experience and more than 650 clients already engaged.
The category-defining product suite is engineered to automate pharmaceutical supply chain compliance for professionals who are responsible for compliance with federal and state regulations.
“With this investment, we're enhancing our technology offerings and shaping the future of pharmaceutical compliance,” said Sumeet Singh, CEO of LighthouseAI.
“Our momentum is strong, leveraging our seven years of thought leadership in this space with new clients adopting our technology and current clients transitioning to our latest solutions.”
LighthouseAI says the regulation of the pharmaceutical supply chain has expanded extensively over the past decades as fallout from counterfeit schemes, tragedies resulting from poor compounding practices, the opioid epidemic, drug pricing expansion, drug shortages and more have brought extensive public and political scrutiny.
In its research, the company found pharmaceutical supply chain professionals grapple with critical and ever-evolving challenges in maintaining regulatory compliance. The product suite, it says, rooted in the rapidly growing RegTech space, is specifically designed to overcome these hurdles to reduce risk and cost associated with compliance.
LighthouseAI Intelligence uses artificial intelligence to identify facility-specific requirements and automate regulatory surveillance across all state and federal jurisdictions, in line with the user's exact business model and product portfolio.
As the Intelligence product solution identifies these requirements, LighthouseAI Management, the company says, provides a robust system for efficient tracking and handling of responses, including secure uploading and storage of crucial documents, task management, and activity-level tracking, enabling the user to manage all related activities and obligations.
The investment funds will be directed to enhance features and functionalities of LighthouseAI, scale operations to better serve the market, penetrate new segments within the industry, and solidify LighthouseAI's position as an industry innovator.
Enmi Kendall, general partner at Healthy Ventures, said: “We are excited to support the Lighthouse team's commitment to bring intelligent automation to an archaic, manual regulatory challenge dragging the life science industry. We see tremendous potential in their approach and are eager to support their growth.”
In March this year, LighthouseAI made the announcement it was launching its AI-based solution for the life sciences industry.
At the time it described its solution by saying it ‘applies patent-pending artificial intelligence to assist life sciences companies in adhering to all new and existing compliance regulations quickly and accurately, without the possibility of human error. The solution aims to protect revenue streams, mitigate risk, and reduce costs for life sciences companies.’
Mike Leone, COO at Resilia Pharma and an early user of LighthouseAI, saw a reduction in time and cost associated with compliance. He said at the time: “We saw LighthouseAI as a means to cut down on the time to compliance while reducing costs, and the early returns from our investment in this technology have demonstrated that to us. Moving forward, we foresee our continued use of LighthouseAI as an automated way to potentially eliminate our risk that could be associated with accidental non-compliance.”