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New York-headquartered Applied XL, a startup that focuses on building algorithms to help companies track real-time data, announced today that it has raised $3.5 million. in seed funding.
Businesses in all industries, regardless of size, remain inundated with information. Some data is relevant, but much of it is just unnecessary noise and clutter. As a result, companies often end up struggling with the problem of filtering and finding valuable information.
For example, in the area of clinical trials, up to 1.5 million developments have taken place this year alone, but only 8% of them have been attributed to relevant events important to companies that need to track. space for business/product development.
Applied XL’s AI-powered data tracking solution
Founded in 2020, Applied XL solves this challenge by leveraging machine learning and editorial algorithms to do the work of humans. The solution, as the company explains, monitors dozens of databases in real time through a journalistic lens (computer journalism) and tries to make sense of disparate data streams to report events that might be relevant today. today or in the future.
“The engine is independent of third-party data sources. It includes layers of enrichment that dynamically add editorial parameters, machine learning classification, data unification, and entity normalization,” Applied XL CEO Francesco Marconi told Venturebeat.
As part of this, rather than taking a snapshot view of the data, the engine tracks thousands of daily changes across multiple data sources to find the most crucial updates. Each of these events is then ranked and ranked by machine learning models that have been trained with expert-defined editorial considerations.
“By deriving and aggregating proprietary events and continuously examining these new data points longitudinally, event detection algorithms are able to surface patterns that provide an up-to-date view of emerging activities that others might miss,” Marconi said. Simultaneously, the company is also working with a network of experts who provide data to retrain system algorithms and improve accuracy.
Offer for health
While Applied XL’s goal is to help companies measure potential disruptions to the health of people, places and the entire planet, it currently only uses it for the former by providing Trials Pulse – a product developed in partnership with health-focused publication STAT News.
Trials Pulse enables pharma, healthcare, and biotech professionals to navigate the most important updates happening in clinical trials and inform regulatory strategy, clinical development, and drug decisions. ‘investment. For example, the company notes, the platform helps identify trends in patient enrollment changes and schedule changes to anticipate clinical trial disruptions.
“Applied XL has already been used by more than 700 users at global pharmaceutical companies, emerging biotech companies and life science investment funds,” Marconi said. “They use our platform to inform their decisions on partnerships, competitive positioning, regulatory strategy, business development and investment considerations.”
The CEO didn’t share the names of the customers, but he did note that a number of them are upgrading to their annual subscription priced at $1,500. With this round, he said, the company will accelerate the development of Trials Pulse and expand its coverage in the healthcare and life sciences industry. Part of the funding, led by Hearst Ventures, will also be used to hire new talent.
Applied XL could play a major role in better addressing challenges such as pandemics, infrastructure issues and the effects of climate change. However, he is far from alone exploring the real-time data tracking space. Companies such as Diffbot, Dataminr and AlphaSense are also active in the same space. Additionally, in financial services, Dow Jones and Bloomberg have made their mark.
Marconi said Applied XL differentiates itself by diving deep into certain areas of certain underserved industries, such as life sciences.
“Pharmacy and biotechnology professionals (for example) report being overwhelmed by unstructured clinical trial data and missing crucial information, delaying their decision-making. One of the drivers of this is that a significant amount of clinical trial and drug regulatory data is unstructured. That’s where Applied XL comes in,” he said.
Globally, the life science analytics market is expected to reach $42 billion by 2025.