Two proven tech entrepreneurs, Simon Arkell and Alex Dickinson, attract seed funding to enable the responsible adoption of AI in the biopharma industry. The proprietary platform will relieve the bottleneck between healthcare data and biopharma insights
LAGUNA BEACH, Ca., June 27, 2023 /PRNewswire/ - Ryght, a privately held healthcare technology company developing an enterprise-grade, generative artificial intelligence (GenAI) platform for biopharma, today announced the official launch of the company and new capital as part of its seed funding. The company is led by Simon Arkell, OLY/MBA and Alex Dickinson, Ph.D., healthcare technology pioneers who have built successful companies including Predixion, Deep Lens, Luxtera, Helixis, and Chromacode. Ryght is focused on meeting the accelerating demand to provide actionable knowledge to biopharma companies to drive drug development, clinical trials, and commercial activity in a safe and efficient manner.
Ryght’s venture funding was led by Virtue, with participation from AIX Ventures, Page One Ventures, and additional strategic investors. Proceeds from the financing will support development and expansion of the Ryght platform. The platform will empower individuals and companies in the biopharma industry to reliably and securely access and analyze the massive streams of data that are overwhelming current data analysis techniques.
Managing Partner of Virtue, Sean Doolan, stated “We are proud to lead the seed funding and to partner with this best-in-class team comprised of proven entrepreneurs with deep AI/ML & biopharma experience. Recent advances in LLMs create immediate opportunities for biopharma-specific commercial and R&D applications that drive tangible value to any business user with real-time access to analytics in a simple natural language interface. Ryght brings the power of LLMs to customers’ unique data in a secure, scalable and real-time platform.”
The Ryght team has created a foundational partnership with one of the largest healthcare data providers in the industry. The platform will leverage de-identified data on over 200 million patients to fine-tune models relevant to several verticals including marketing, drug discovery and clinical trials within a pharmaceutical company. In the new era of GenAI, Ryght is enabling biopharma companies to use AI responsibly, initially serving commercial teams within this sector.
Pharma companies spend an estimated $15 billion targeting healthcare providers. Ryght’s solution leverages a series of best-in-class large language models (LLMs) to ingest real-time data streams and make this information directly available to biopharma clients via a natural interface. Through the GenAI-based architecture, the fine-tuned LLMs are designed for real-time data processing that will enable real-time targeting with verified and secure customer data stores.
“By democratizing access to insights from healthcare data we enable healthcare information workers to do their job more effectively, and in a more secure manner,” said Mr. Arkell, Chief Executive Officer. “Our early partners are already addressing bottlenecks in commercial targeting with our unique ‘copilot’ approach to address the analytics bottlenecks that slow everyone down. While the healthcare data industry is now providing massive data feeds from diverse sources, the analytics remain outdated, necessitating large teams for even basic queries. Our platform will streamline this process while providing data privacy as a key tenet.”
“Historically, leadership in healthcare data platforms has been achieved by amassing the largest pools of data. We believe that LLMs are disrupting the traditional model and future leadership will be achieved by the platform that is best able to train and reason with these big data pools. Our aim is to make the Ryght platform the central destination for biopharma companies to rapidly and cost-effectively gain actionable insights into data from any source,” added Dr. Dickinson, Executive Chair of Ryght
About Ryght
Ryght is a privately held healthcare technology company based in Anaheim, California that is developing the next generation of safe and secure generative artificial intelligence (GenAI) solutions for the biopharma industry. The Ryght platform leverages and optimizes multiple large language models (LLMs) and vector databases to ingest real-time data streams and make actionable knowledge directly available to biopharma discovery, clinical, and commercial teams. The platform enables healthcare professionals to rapidly leverage the power of GenAI within compliance of data security standards required by the industry.
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