WhizAI, which touts itself as the first and only purpose-built cognitive insights platform for the life sciences, secured $4 million in seed funding.
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The Somerset, New Jersey-based company’s platform uses artificial intelligence, machine learning and scalability to learn the language and data of life sciences to provide insights to customers about business questions.
“One thing we kept seeing was apps geared toward dashboards, but those are for people who are already tech savvy,” WhizAI co-founder and CEO Rohit Vashisht told Crunchbase News. “There are people who need data, but can’t use those products, so we created one. We focused first on the sales side of the pharmaceutical business. They can use SMS to text a question, and WhizAI pulls the data and puts it into a chart.”
Healthy Ventures led the round, with participation from Bling Capital, Firebolt Ventures and existing investors. WhizAI previously raised $2.5 million in other seed rounds and other investments a few years ago, according to Crunchbase data. With this new investment, the company has raised more than $6.5 million since being founded in 2017.
As part of the financing, Healthy Ventures’ founder and general partner Anya Schiess will join WhizAI’s board of directors.
The new funding will be used for product development, new hires and to increase sales and marketing, Vashisht said.
In terms of growth, WhizAI has 43 employees right now at its offices in New Jersey, India and Ukraine, having grown from 19 three months ago. By the end of the year, Vashisht expects that number to be about 70. Revenue has grown five times between 2019 and 2020, and he anticipates the same next year.
“We are seeing very rapid growth, especially now that we have signed a major contract with a global pharmaceutical company that will have thousands of users,” he said. “We also plan to have a small office in Europe and will go live in 26 countries.”
Illustration: Li-Anne Dias