Los Angeles, USA-based provider of a platform that analyzes data with appropriate statistics, Readout AI raised pre-seed investment. The company announced the investment on July 14, 2023. Meridian Street Capital led the financing for the company. Meanwhile, Mucker Capital, Necessary Ventures, and angel investor Ryan Fukushima (COO of Tempus and CEO of Pathos) joined in the round. However, it did not disclose the amount of the investment.
Purpose of financing for Readout AI
With the latest proceeds from the pre-seed investment, Readout AI has plans to fuel its product development. It also intends to further deepen its AI sophistication.
Meanwhile, the company seeks to ramp up its hiring operations and expand its team.
What the company’s official has to add
Matthew Michelson, PhD, CEO of Readout AI, said, “We are beyond excited to have secured this funding from such impactful and supportive investors. This investment validates our vision and the potential impact our technology can have in clinical trials.”
In addition, Michael Shleifer, PhD, co-founder of Readout AI, said, “One application that’s often overlooked is technology to improve trial progression and performance – most people just focus on the start, patient recruiting, and at the end, final results. But Readout’s AI can also help analyze and report on progression, which is a novel improvement.”
What the lead investor has to add
Scott Law, General Partner of lead investor Meridian Street Capital, further said, “Readout AI continues our thesis that AI can shift the healthcare landscape in fundamental ways. Using AI to enhance the productivity of biostatistics and medical writing will change the speed at which crucial insights come from trial data.”
About the company
Matthew Michelson is the CEO of the company. Readout AI provides a platform that automatically analyzes data with the appropriate statistics. It further describes the results in formats ranging from table descriptions to abstracts to posters. The goal is to alleviate the bottlenecks associated with clinical data analysis and reporting by turning trial data into accessible, human-readable insights in seconds. The founding team believes that AI will turbocharge the biostatistical and medical writing tasks associated with clinical trials. Readout.ai blends expertise in pharmaceutical services with deep knowledge of AI and machine learning.
The company’s commitment to efficiency, ease of use, transparency, and personal initiative is at the forefront. It seeks to find compelling solutions to hard problems at scale.
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