This article was originally published on PRNewswire.
CHICAGO, Feb. 7, 2019 /PRNewswire/ -- rMark Bio, which delivers AI solutions that accelerate innovation and scientific discoveries for life sciences companies, recently closed $1.5 million in growth funding. Lincoln Park Capital led the Seed funding along with support from investors M25 Group, SaaS Ventures and MATH Venture Partners.
"We appreciate that investors recognize our unique value proposition. Our ability to help accelerate innovation, especially in highly complex life sciences fields such as therapeutic development, by effectively analyzing and aligning internal and external data with their business strategies, means we help them bring their data to life for the ultimate benefit of patients," said Jason M. Smith, rMark Bio co-founder and CEO. "This vital funding ensures we are able to expand our ability to bring our end-to-end intelligence solutions to companies that want to harness the transformative power of their data but struggle with how to make it a reality."
With the close of investment, MATH Venture Partners Managing Director Mark Achler joined rMark Bio's Board of Directors. "I'm excited to be part of an AI venture that can help accelerate discovery and innovations within the life sciences and the healthcare industry," said Achler. "Jason and his team understand how to build AI in order to help define and deliver data-driven insights."
The funding will be used to grow rMark Bio through market expansion, enable the hiring of key personnel and support rMark Bio's transition into its new headquarters office at 440 N. Wells in Chicago.
Fabric, rMark Bio's patented platform, is an end-to-end AI solution that accelerates innovation and scientific discoveries for life sciences companies by fostering awareness and collaboration. The Fabric platform employs several key capabilities in a three-step process:
It enables automated aggregation and preparation of data for machine learning.
Neural networks are trained to analyze data and surface scientific insights and discoveries.
Fabric's APIs integrate with existing apps to deliver insights.
Specifically, Fabric is trained to understand petabytes of life sciences unstructured text, videos, voice, proteomics, genomic and free form data from existing business applications such as Microsoft™, Salesforce™ and Veeva™ along with third party data sources from IQVIA™ and Symphony Heath™. Working in unison, Fabric's neural networks surface the most relevant insights and discoveries based on each department or user's specific business needs, without the cost of multiple systems.
Fabric currently is licensed and deployed in several top-20 pharmaceutical companies who are benefitting from savings with its unified data intelligence solution. For example, rMark Bio is saving one customer millions of dollars during the next 12 months compared to what it would have spent for traditional SaaS or consulting services.
"Ahead of that customer's product launch, the Fabric platform provided its marketing department and commercial sales leadership with one-click access to real-time, compliant and, most importantly, relevant target lists," said Smith.
About rMark Bio
rMark Bio, Inc. was created to transform the life sciences and pharmaceutical industries by making artificial intelligence simple to adopt, easy to use and continuously transformative through a holistic approach incorporating strategy, technology and people power. Founded in 2015 by Jason M. Smith, CEO, and Lev Becker, Ph.D., Chief Scientist, rMark Bio is based in Chicago and Seattle. rMark Bio provides services to the top 20 pharmaceutical companies globally and has partnered with industry-leading technology and healthcare organizations, including Microsoft, nVidia, Apigee/Google, and MATTER.