Mumbai based Instinct Innovations has raised a seed round of funding led by Vida Ventures and Dr. Aniruddha Malpani for its Redbook platform. 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. The company will use the funds to scale RedBook pan India.
For pharmacies, 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.
Instinct Innovations was founded by National University of Singapore graduate and ex-Fractal data scientist, Ankit Solanki. He joined Fractal sciences as part of their acquisition of Mobius in 2015 where he earned patents in the field of semantic search and segmentation. Cofounders, Priyanka Gosai and Himanshu Singhi, also from strong technology backgrounds, handle development and growth at the company.
Ankit Solanki, cofounder 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.”
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.”
“I am very excited with the way Instinct Innovations/RedBook is using technology to solve problems that plague pharmacists and drug makers today, such as proliferation of fake drugs, lack of compliance with FDA rules and sale of expired drugs. They also offer pharmaceutical companies a unique way to market their products through pharmacies, track sales in real time as well as engage directly with patients. By focusing on the pharma supply chain, RedBook is helping the healthcare system to become more patient-friendly and efficient.” says Dr Aniruddha Malpani.