Mumbai-based Instinct Innovations today said it has secured seed funding round for its AI enabled pharmacy platform RedBook. The incoming fund was led by Vida Ventures and prominent angel investor Dr Aniruddha Malpani which the company will use to scale up its offering.
Redbook, already being used by over five hundred pharmacies in Mumbai, acts as the base for a proprietary AI engine that offers deep insights on drug consumption patterns. It is being piloted by India’s leading drug makers to eliminate age-old, error-prone manual processes of data collection and analysis and decision making.
Ankit Solanki, co-founder and CEO, Instinct Innovations, says, “Re-wiring the pharma supply chain with Redbook is only the first step in achieving our long-term vision. We aim to create a healthcare ecosystem that is seamlessly integrated via technology. The emphasis is on using machine learning and AI driven cognitive intelligence to make the supply chain more efficient.”
RedBook frees up resources and time and increases business by over 15 percent with several intelligent features. Integration with distributors, online ordering facilities, auto sync for offline use, timely information on stock expiry, and micro-level insights on consumers enables pharmacies to focus on offering a truly personalized service to their consumers giving them an edge over the impending threat from online pharmacies.
Ankit Solanki, head of investments, at Vida Ventures, adds, “The post-production pharma supply chain has been in dire need of innovation. It is inefficient to cope with changing business dynamics such as varying demand patterns, expanding product types and shorter product lifecycles. New ways of delivering healthcare is making drug makers take a more analytical route towards supply chain planning. RedBook offers a solid platform to implement analytics powered by AI engine, enabling drug makers to make smarter tactical and strategic decisions.”
Instinct Innovations was founded by Ankit Solanki, Priyanka Gosai and Himanshu Singhi in 2015. Solanki and Singhi are former employees of Fractal Analytics whereas Gosai previously worked with Scope International.