AI for more accurate biomed decision-making support Dot Compliance develops artificial intelligence-based solutions for quality management systems at life sciences companies, where time is very much about money. Gali Weinreb If you once happened to meet a child with an unusual understanding about money, who at a young age tried to sell you something, or brainstorm ideas for a business, and you wondered whatever happened to that child, it might well be Doron Sitbon , founder and CEO of Dot Compliance. "I've been working since I was 13," says Sitbon "I founded my first company, providing services to municipalities, like meter control and mail distribution, when I was 22."
A few years into his twenties, Sitbon made an exit from that company. Only then did he start a 'normal' career path which included ten years in various management positions at Nice Systems, and then founded his own start-up, a sort of "Uber" for Nokia, which was ahead of its time, and closed in the same year that Uber and GetTaxi were founded.
He founded Dot Compliance, a leading company for automation of regulatory and quality processes for biomed companies, without outside investors. "I advised a medical equipment company that implemented a quality management system (QMS). After a year and a half, and several millions in investments, that project ended, and everyone was satisfied. And I thought, there must be a better way." In the past, Sitbon says, the quality person was a kind of messenger, running between departments, and getting everyone to sign documents. With the advent of digitization, "Quality managers are like flight controllers. They need approval for take-off and sometimes for landing, but the plane flies itself."
Streamlining control means a saving in time. For a pharmaceuticals company, advancing a launch by a few months can be worth, in extreme cases, hundreds of millions of dollars. "We shorten implementation time from many months to weeks," Sitbon says about the product, which is built on a Salesforce platform. To date, Dot Compliance has about 350 customers.
Over the years, decision support features have been added, such as a digital bot. "Each person has a decision-making 'muscle' that tires during the working day. Our system is aimed at making big decisions that save on a lot of small decisions."
The market for QMS software for life sciences companies is about $6 billion. Dot Compliance is the pioneer in this category, but its market share is small. To date, it has raised $50 million in venture capital funding, including a round closed recently, at a valuation of over $500 million, Sitbon says. The main investors are Israel Growth Partners (IGP), Vertex Ventures and TPY Capital. IGP is headed by Haim Shani, who knows Sitbon from his time at Nice, when Shani was CEO.
Dot Compliance took third place in the "Globes" Most Promising Startups of 2024 rankings.
Published by Globes, Israel business news - en.globes.co.il - on May 1, 2024.
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