Funding will drive business expansion efforts and the development of Dot Compliance ready-to-use quality and compliance solutions for pharmaceutical and medical device companies
PHOENIX, July 20, 2022 /PRNewswire/ -- Dot Compliance, the ready-to-use quality and compliance platform company, today announced it has raised $23 million in Series B funding led by Israel Growth Partners (IGP) with participation from existing investors Vertex Ventures, and TPY Capital. This round brings total funding to $33 million to date.
NYC Team by Dot Compliance
Doron Sitbon - Founder & CEO by Natalia Gorji Photography
The round will allow Dot Compliance to continue accelerating hypergrowth driven by demand for its quality management system (QMS). Introducing a true QMS paradigm shift to the life sciences market, Dot Compliance offers the industry's first ready-to-use quality and compliance solution. The company delivers cost-effective out-of-the-box solutions, allowing life sciences customers to quickly deploy flexible and scalable solutions. Powered by the Salesforce.com platform, Dot Compliance solutions include an extensive set of off-the-shelf ready quality and compliance best practice processes that enable life-sciences organizations to deliver life-saving, innovative products faster, safer, and more efficiently by providing them with ready-to-use and end-to-end SaaS solutions to manage their all quality and compliance needs.
"Dot Compliance has shaken up a traditionally slow-moving space, setting a new standard for easy-to-deploy QMS solutions," said Doron Sitbon, the founder and CEO of Dot Compliance. "We are excited about the partnership with IGP and their trust in our vision. The additional funds will allow us to advance our efforts in enabling life sciences organizations to quickly automate their development and manufacturing processes while ensuring compliance."
Rising costs of bringing a product to market, soaring costs of quality, and a stringent regulatory landscape have created an environment where life sciences companies must be able to quickly automate their quality and compliance processes to stay competitive. Traditional QMS solutions no longer address those needs.
"Innovative quality and compliance solutions have become invaluable to the modern life sciences organization," said Yoni Levy, Venture Partner at IGP. "Dot Compliance has positioned itself as the technology-defining industry leader and has rapidly expanded its client roster. We are thrilled to partner with this seasoned team on its mission to make quality easier, faster, and cheaper for life sciences companies – freeing them to do their important work of making us all healthier."
The round is the latest in a series of milestones for the company, including triple digit annual growth over three consecutive years, exceeding 200 customers in more than fifteen countries, and establishing a global network of partners across the life sciences ecosystem.
"Digital transformation has finally reached the life sciences industry, and with it comes a need for companies of all sizes to leverage new technologies in their approach to quality and compliance," said Rosalind Beasely, VP Innovation at Dot Compliance. "Dot Compliance is leading the path with next generation QMS solutions that utilize structured and unstructured data across the entire life sciences ecosystem in ways previously unachievable by legacy solutions."
Dot Compliance will use the funds to meet rapidly accelerating global demand for the company's ready-to-use QMS solutions by expanding their global presence, investing in the company's commitment to delivering affordable, innovative quality and compliance products, and further empowering customers' journey to digitization.
With women comprising more than 50% of the company's headcount, Dot Compliance believes that establishing a diverse, global team encourages innovative thinking and delivering superior products to its customers. Funding will help the company continue to foster and develop an agile, inclusive team around the globe.
"Dot Compliance had the foresight to design and deliver cloud-based, out-of-the-box QMS solutions powered by Salesforce far ahead of its time. Its vision and ability to execute make us excited about Dot Compliance's continued hypergrowth and category leadership," said Aviad Ariel, General Partner at Vertex Ventures.
"Over the course of our investment in Dot Compliance, we've seen Dot Compliance expand its product offering and commercial outreach," said Guy Yamen, Managing Partner at TPY. "The life sciences market is primed to benefit from cost-effective, easy-to-deploy solutions that help get compliant products to market faster."
About Dot Compliance
Founded in 2015, Dot Compliance offers the industry's first ready-to-use Quality Management System powered by the Salesforce.com platform. The Dot Compliance Suite includes an extensive set of off-the-shelf ready QMS and compliance pre-configured best practice processes, enabling customers to deploy quickly and cost effectively. The company's solutions are trusted by life sciences companies, both large and small, worldwide with more than 200,000 users. The solutions are fully compliant with 21 CFR part 11, EU-Annex 11 and support ISO 9001, 13485, 14791 and 27001.
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SOURCE Dot Compliance