Funding Co-Led by Inovia Capital & Tola
Capital Brings AI-Driven Software to the
Biopharma Industry With First Product Reliant Tabular
MONTREAL and BERLIN, Aug. 20,
2024 /CNW/ - Reliant AI, a provider of gen AI-powered
data analytics software, announced today its launch out of stealth
with $11.3 million in seed funding.
The new capital was co-led by Tola Capital and Inovia Capital, with
participation from angel investor Mike
Volpi.
Reliant AI was created by leading Natural Language Processing
and Reinforcement Learning scientists and researchers
Karl Moritz Hermann, Marc Bellemare and Richard Schlegel who led teams at DeepMind,
Google Brain and EY Parthenon. They're passionate about how
generative AI can solve information challenges to reduce repetitive
mental labor and accelerate decision making for enterprises. The
company is initially targeting the biopharma industry and will use
the new funding to hire engineering talent to expand its technology
investment and footprints in Europe and North
America.
"Information and data are a critically overlooked part of making
the life sciences progress to bring about a better world. The sheer
amount of menial labor involved in data-intensive industries today
means that many highly skilled professionals are focused on
wrangling data, rather than solving complex issues. We created an
AI system that understands the life sciences to radically grow its
capacity to perform research at scale," said Karl Moritz Hermann, CEO and Co-Founder of
Reliant AI.
Reliant AI's first product, Reliant Tabular, is an AI workbench
that is attracting significant interest across key business
segments in the biopharma industry. The product helps life science
analysts find scientific evidence for their decisions through
automated systematic reviews, asset scans, comprehensive analyses,
and a customizable data platform - with Reliant AI, anything can be
queried.
Features of Reliant Tabular include:
- Proprietary ML models optimized to be experts in biopharma
topics
- Comprehensive approach to fact-finding – maximizing recall so
that nothing gets missed
- User interface that makes it quick and easy to reconcile
generated results with ground truth evidence
- Answers in a report-ready format so that teams can collaborate
on analyses
"The biopharma industry has a massive and underserved
information need. Reliant AI blends cutting-edge research with
domain expertise to create software that makes it possible for a
day's worth of data wrangling to be done in 30 seconds. Marc,
Karl Moritz and their technical team
bring together decades of AI expertise from the world's best
research groups, such as DeepMind, Google Brain, and Meta, giving
Reliant the ability to really move the needle on the application of
generative AI to hard data problems," said Aaron Fleishman, Partner at Tola Capital.
"We see a significant market opportunity in the pharmaceutical
sector, as companies strive to build and partner with new entrants
to develop innovative solutions like those offered by Reliant AI,"
said Steve Woods, Partner at Inovia
Capital. "This notable demand in a large and growing market
underscores the potential of AI to drive impactful advancements in
the biopharma industry."
"Reliant AI has significantly increased my efficiency by rapidly
parsing relevant data, allowing me to focus on deeper analysis and
faster turnaround times. This technology promises to revolutionize
how early commercial assessments are conducted," said Miguel Silva, Strategy Director at OMass
Therapeutics.
To learn more or obtain a demo, visit
https://www.reliant.ai/
About Reliant AI
Reliant AI is a provider of genAI-powered data analytics
software that accelerates secondary research in biopharma. With
Reliant AI, anything can be queried. The company was created by
Karl Moritz Hermann, Marc Bellemare and Richard Schlegel, renowned scientists and
researchers who previously led teams at DeepMind, Google Brain and
EY Parthenon. Reliant AI has offices in Berlin, Germany and Montreal, Canada and has raised USD
$13.5M in total funding from
investors including Tola Capital, Inovia Capital, Mike Volpi, Amit
Agarwal, and AI pioneer Yoshua
Bengio.
About Tola Capital
Tola Capital is a venture capital firm that believes in the
power of software, data, and AI to transform the way the world
works. Founded in 2010 by experienced software operators at the
forefront of cloud computing's rise, the firm backs entrepreneurs
who have enterprise technology experience and are building
disruptive, industry transforming solutions with diverse teams.
Tola Capital has successfully exited numerous startups, and
continues to evolve as it supports founders into the era of AI.
Visit www.tolacapital.com for more information.
About Inovia Capital
Inovia Capital is a venture capital firm that partners with
founders to build impactful and enduring global companies. The team
leverages an operator-led mindset to provide founders with
multi-stage support, mentorship, and access to a worldwide network.
Inovia manages over US$2.2B with
operations in Montreal,
Toronto, Calgary, Bay Area, and London. For more information, visit
inovia.vc.
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SOURCE Reliant AI Inc.