Latest news with #SperoVentures
TechCrunch
a day ago
- Business
- TechCrunch
Remark raises $16M to build out human-powered expert models for e-commerce
Startups working on AI-powered e-commerce tools often rely on external data or user signals to build and improve their models. However, a company called Remark is taking a different approach by letting thousands of human experts chat with users while they are purchasing items, and then using that knowledge to train models. Remark also makes those experts 'available' all the time by having their AI-powered persona answer questions. Remark said that this resulted in a 10% net revenue gain for partners, which was a great sign for investors. The startup on Tuesday announced $16 million in Series A funding led by Inspired Capital with participation from Stripe, Neo, Spero Ventures, Shine Capital, and Visible Ventures. This brings the startup's total funding to date to $27 million. Remark plans to use the funds to grow its team of 25 people and spend on model training. Remark joins a number of startups that are plugging AI into various areas of e-commerce, such as search, try-ons, chatbots, and dynamic page generation that is suited for AI-powered experiences. While these companies operate in different areas, merchants can only spend so much to enhance their online experience. In this market, Remark could have challenges in scaling and competing with other e-commerce startups using AI. While Remark previously depended on a cut of the sale to generate revenue, the company has moved to a SaaS-based (software-as-a-service) model for better cash flow and now takes a fee based on site traffic. Image Credits: Remark The company's CEO, Theo Satloff, said that physical stores tend to see high conversion rates of 30-35% compared to online stores that convert at roughly 1.5%. With Remark, the startup wanted to change that. 'The reason for low conversion rates on e-commerce sites is that people have a lot of questions when they shop. They have to go on Reddit or ask their friends to get advice about the purchase. In a store, a person with product knowledge helps them, so the conversion rate is high,' he explained. 'At Remark, we want to bring that kind of expertise to online shopping for our partners,' Satloff said in a call with TechCrunch. When a user visits a site that uses Remark, the startup's tool generates a set of dynamic questions that can drive the user's purchasing decision. If a user is looking for pots and pans, the site could ask what kind of stovetop they have, or if they use diesel conduction or gas. When the user clicks on one of these questions, a chat interface opens where they're matched with an expert who can offer advice about buying an item. Image Credits:Remark Remark matches an expert with a user based on skill set and locale, it says. If an expert is not available, the user is matched with an AI bot based on those experts who can help them with their shopping. The company is slowly expanding its expert network. Satloff said Remark works with a variety of accreditation agencies to verify the expertise of the people who work with them. (This is akin to Airbnb adding various experience providers for its platform.) Experts are paid for their time on the platform on a per-chat basis. They are also paid when their AI persona converts a sale. While the startup didn't provide an exact figure for the average earnings that an expert receives, it said its top 20% earn $60,000-$70,000 per year by spending more than 15-20 hours a week offering advice. The catch is that the human expert needs to be alert to requests from users. When a user activates a chat, experts get a notification on their phone on Remark's app, and they have five to eight seconds to claim the chat and respond to the buyer. Image Credits:Remark Remark also dynamically rewrites the content on the website based on the user's conversation with the expert and what they might be looking for. The company has been growing quickly. Following its $10 million fundraise in 2023, Remark has seen 4x revenue growth. It also increased its network of experts from 50,000 to 60,000. Kamran Ali, a Principal at Inspired Capital, said that Remark's utilization of human insights was an important factor in the VC firm investing in the startup. 'As AI continues to take over the Internet, we're going to continue to be inundated with just a ton of AI-generated content everywhere we go. The amount of AI-generated content we see today is dramatically more than a year ago, and that's there's no end in sight. So, having human insights and preferences will actually be at a premium, and that's what attracted us to invest in Remark,' he told TechCrunch over a call. Remark is now working on the ability to generate blog posts that recommend products based on expert conversations. Later, it plans to send personalized follow-up emails to users about a conversation they had with an expert.
Yahoo
19-05-2025
- Business
- Yahoo
Persist AI Launches Cloud Lab to Accelerate Pharmaceutical Formulation Development, Raises $12M Series A Funding
AI-driven robotics platform reduces drug formulation development time from years to months SACRAMENTO, Calif., May 19, 2025 /PRNewswire/ -- Persist AI, a pioneer in AI-driven robotics for pharmaceutical formulation development and Chemistry, Manufacturing, and Controls (CMC), today announced the launch of its innovative Cloud Lab platform following the successful closure of an oversubscribed $12 million Series A financing round. The new platform allows pharmaceutical companies to develop formulations using Persist AI's state-of-the-art robotic laboratory facilities through a website, dramatically accelerating drug development timelines while using a fraction of the materials required by traditional methods. The funding round was led by Spero Ventures with participation from MBX Capital, Shimadzu Future Innovation Fund managed by Global Brain Corporation, Eli Lilly & Company, SignalFire, Ford Street Capital, Purdue Ventures, Good AI Capital, Cartography Capital, Asymmetry Ventures, and existing investors 2048 Ventures, Innospark, and YCombinator. "Every drug that reaches the market depends on an optimal formulation. While the industry has heavily invested in AI and predictive tools across the drug development pipeline, formulation has remained a blind spot—until now." said Sara Eshelman, General Partner at Spero Ventures. "Persist dramatically reduces both the time and cost at every stage of development, ultimately lowering the hurdle for investment in next-generation therapeutics like long-acting injectables." Predict the ideal formulation with Persist's AI models Persist AI's technology enables pharmaceutical companies to predict formulation recipes and performance using sophisticated AI models and subsequently build and test them using robotic systems. In a recent project with a major pharmaceutical client, Persist AI demonstrated the power of its platform by identifying an optimal long-acting injectable formulation in just two months—a process that traditionally takes a year or longer. By rapidly building and testing 700 formulations in two months, compared to the industry standard of 10-15 formulations per month, Persist AI accelerates a critical phase in bringing new drugs to market. "AI is enabling pharma to discover new molecules faster than ever. But a molecule that has poor shelf life cannot become a drug product that sits on a shelf. Our mission is to convert these novel molecules into products, such as tablets and injections that patients can use," said Karthik Raman, CEO of Persist. "If you can find a new drug molecule, you can predict its formulation and use our robotic platform to build and test it in the real world." Persist Cloud Lab – A Robotic Lab to Build and Test Formulations Remotely Once the AI models predict a set of formulations, Persist's Cloud Lab enables pharmaceutical scientists to test the formulation by remotely controlling the robotic lab. With a combination of miniaturization and seamless automation of formulation testing instruments, Persist's technology leads to an unprecedented speed advantage in drug development. Traditional testing instruments often require large volumes of liquid and significant amounts of formulation material per test. As an example, a standard dissolution testing apparatus requires 1000 mL of liquid and several grams of formulation. In contrast, Persist's miniaturized systems can deliver results with just 1 mL of liquid and a few milligrams of material. This breakthrough not only conserves valuable drugs but also enables higher throughput testing. "Persist AI has assembled a talented chemistry, engineering, and software team that develops exceptional automated solutions for formulation development workflows," said Chris Shelner, COO of Persist. "We continue to improve our automation in addition to expanding capacity and workflow scope." Through the newly launched Cloud Lab, pharmaceutical companies worldwide can now remotely build and test formulations on Persist's advanced robotic facilities to develop: Long acting injectables Tablets and capsules Topical formulations for cosmetics and pharmaceuticals Injectable formulations The platform supports a wide range of modalities including peptides, small molecules, antibodies, and anti-sense oligonucleotides, currently serving multiple top 10 pharmaceutical clients and several smaller biotechs developing next-generation treatments for chronic diseases. Series A Funding to Accelerate Growth and Innovation The $12 million in Series A funding will support several key initiatives. Persist will build a GMP manufacturing system for long acting injectables, in collaboration with Nivagen Pharmaceuticals in Sacramento, CA. Funds will be used to expand the robotic lab and build comprehensive data sets that train the company's AI models. Additionally, the team will expand the capacity and range of formulations the AI models and robotic lab can predict, build, and test. Persist is actively seeking pharmaceutical partners for co-development of drug products, robotic platforms, and AI training data sets. To learn more about Persist AI's Cloud Lab platform and request access, visit Pharmaceutical companies interested in partnership opportunities are encouraged to contact Karthik Raman via his email below or through the website. About Persist AI Persist AI is revolutionizing pharmaceutical development through AI-driven robotics for formulation development and CMC. By combining predictive AI models with automated robotic systems, Persist AI enables pharmaceutical companies to develop drug formulations in a fraction of the time and cost of traditional approaches. The company works across multiple modalities and formulation types to accelerate bringing novel therapeutics to patients. Persist AI is a Y Combinator-backed company, having graduated from the prestigious startup accelerator in 2023. About the Leadership Team Karthik Raman, CEO and Co-founder of Persist, brings extensive expertise in formulation development. Prior to founding Persist, Raman was part of the automation team at Zymergen, developing the next generation robotic factory for synthetic biology. Co-founder Christopher Shelner serves as Chief Operating Officer, with significant expertise in automation design, operations, and deployment from his work at industry leaders including Northrop Grumman and Apple. View original content to download multimedia: SOURCE Persist AI Formulations Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
23-04-2025
- Health
- Forbes
Use Driving Fertility And Perimenopause Innovations For Women's Health
Dr. Amy Divaraniya, CEO and founder at Oova Driven by the significant unmet needs within the global infertility and perimenopause markets, Dr. Amy Divaraniya founded Oova to offer women a new level of understanding about their bodies. Through its innovative at-home hormone monitoring kits and a successful funding path, Oova is making crucial hormonal insights accessible directly to women. In 2024, the global infertility treatment market was valued at $1.85 billion and is projected to reach $3.65 billion by 2034. The global menopause, including perimenopause market size was $16.93 billion in 2023. Oova helps women navigate their health by understanding their hormones throughout their lives. At the heart of Oova is Dr. Amy Divaraniya, a data scientist with a Ph.D. in biomedical sciences, and CEO and founder of the company. Launching Oova was deeply personal for her. Her own experiences navigating the complexities of irregular cycles and the shortcomings of available fertility tracking methods sparked a powerful idea. Feeling the frustration shared by many women—a lack of truly personalized and helpful insights, especially for those with hormonal imbalances—Divaraniya was driven to create a better way. In 2017, Oova began with a straightforward goal: to help women better understand their hormones and improve their overall health. Its very first product was a home urine test, and it was a big step up in how women could track their fertility. Unlike standard ovulation tests that simply give a yes or no answer, Oova's test quantifies key fertility hormones—luteinizing hormone (LH) and progesterone (PdG). This innovative approach allows Oova to establish a woman's hormone baseline and track daily shifts, delivering truly personalized insights. Oova offers an easy-to-use phone app and AI-powered analysis of test results. Women can now monitor their hormone levels in real-time, providing them with valuable information about their fertility patterns. "Amy built the product she wished she'd had to shed light on her own hormone health. In doing so, she's brought light to a side of women's health that was until now a mystery," Sara Eshelman, Partner at Spero Ventures, and Oova investor, aptly noted, "Oova enables any consumer or clinician to understand how hormones affect their health and wellbeing and take action based on these insights.' Oova's test that gives clear results at home. Oova expanded its product offering in 2023 with the release of the Oova Perimenopause Hormone Kit, addressing additional women's health needs. This new kit not only tracks the same fertility hormones (LH and PdG) but also measures estrogen (E3G). This gives women a much more complete picture as they go through perimenopause and shows Oova's commitment to helping at all stages of their lives, not just when they're thinking about having children, but also as their hormones change with age. Oova operates with a business model that combines direct-to-consumer accessibility with strategic partnerships. Women can order Oova kits directly and receive 30 days' worth of hormone testing. Oova also works with doctors' offices and clinics. This enables healthcare professionals to use the information Oova collects to better care for their patients. Oova offers a membership program that provides users with the Kit, along with personalized help, offering a holistic experience. "I've had a great experience with the Oova hormone test kit,' said user Mattika Ewer. 'It's been very useful for managing my perimenopause symptoms. Checking my hormone levels daily has helped me understand how certain foods trigger headaches, leading me to adjust my diet and eliminate sugar." Starting her own company wasn't easy. Divaraniya lacked any formal background in entrepreneurship, the startup ecosystem, or the intricacies of fundraising. This naiveté was vividly illustrated when her Ph.D. advisor encouraged her to pitch her idea to an investor. Divaraniya, unfamiliar with the concept, had to research "what is a pitch deck frantically'. The result was an 87-page presentation, a far cry from the concise seven-page pitch required by the investor. The investor gave Divaraniya feedback that was both understanding and clear. She realized the importance of asking for help and finding mentors. Divaraniya began actively meeting people and seeking help and advice from anyone willing to offer it. With each new connection, her network, and she gained valuable insights and support. This not only taught her a great deal but also made her stronger and better equipped to bounce back from the inevitable tough times. Obtaining funding was another significant challenge, particularly in dealing with the way gender often influences who receives investment money. As a woman in a male-dominated arena, Divaraniya often found herself having to prove the value of her vision for at-home hormone tests for women's health, starting with fertility, followed by perimenopause. She encountered investors who either didn't fully grasp the importance of addressing women's health needs or were more focused on making a token investment to meet diversity quotas. Divaraniya became adept at identifying investors who weren't truly committed to what Oova was trying to achieve. Instead, she focused on finding people who believed in the company's bigger, long-term plans. Securing early funding involved raising capital from friends and family, a humbling experience, but it provided the initial fuel for Oova's development. An especially poignant moment was when a close friend provided a check with the payee line left blank, demonstrating immense trust and support. Making things even harder, Divaraniya was trying to raise money for Oova while she was pregnant. People told her to hide her pregnancy because they thought investors might see her as a risk. She had to deal with the complex feelings of keeping such big personal news a secret while also trying to secure funding for a company that's all about helping women get pregnant. A turning point arrived when she met an investor who recognized her vision and potential, leading to crucial venture capital funding and validation of Oova's promise. Since Divaraniya didn't have an MBA, some investors weren't sure she could successfully lead the company. But in one memorable conversation, she made it clear where her strength lay. She pointed out that while you can learn about business, her understanding of how Oova's technology was created was something no one else could bring to the table. Oova received its first investment of about $150,000 from the founder's friends and family. Pre-Seed investors included Life Sciences Innovation Fund, L.P., Thorne Research, and AmplifyHER Ventures. The seed round was led by BBG Ventures and raised $1.2 million. The Series A funding round secured $10.3 million, with Spero Ventures as the lead investor, and participation from US Fertility, the Virgin Group, Jefferson Health, and other investors. Oova is in a good spot in the growing worldwide markets, addressing infertility and the changes women go through in perimenopause. Its goal is to change how women manage their health. Oova offers hormone tests you can do at home for both fertility and perimenopause, giving women vital information about their hormones. Even though Divaraniya faced some difficulties in securing funding and had to overcome early hurdles, the company remains focused on developing new ideas and addressing the health issues women face by providing easy-to-use solutions based on real data.
