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Technical.ly
20 hours ago
- Business
- Technical.ly
How Lithero is using AI to speed up pharma marketing compliance
Startup profile: Lithero Founded by: Nyron Burke Year founded: 2015 Headquarters: Philadelphia, PA Sector: Life sciences, AI Funding and valuation: $0.68 million raised as of May 2022, according to PitchBook Key ecosystem partners: Ben Franklin Technology Partners, Morgan Lewis, Drexel University, University City Science Center, Broad Street Angels, Ic@3401 In life sciences, everything takes longer. Nyron Burke, cofounder and CEO of the Philadelphia-based AI for life sciences company Lithero, learned that through years of working as a consultant with pharmaceutical companies that were always looking for ways to speed up the process of creating marketing materials. What may seem relatively simple, like a pharmaceutical pamphlet for a doctor's office, can take months to finalize due to compliance issues. The final draft, with its medical language and side effects disclosures, has to be just right, requiring multiple reviews by medical lawyers before it goes to print. It's a stark contrast to consumer marketing, where a marketing professional might be able to create a one-pager in a day. 'With life sciences, that just wasn't possible,' Burke told noting that the extra time it takes to make biotech marketing materials compliant also increases the cost tenfold. Burke founded Lithero in 2015, years before AI became a common part of everyday life. He knew that machine learning could make the process considerably faster by screening for compliance issues before a medical lawyer reviews it, cutting down on the number of reviews — and, crucially, time. 'Divine intervention' led to the development of the engine Before Lithero, Burke spent eight years working for the global professional services company Accenture, with a focus on pharma and biotech companies. 'The three things I spent my consulting career on were speed, cost and compliance in pharma marketing specifically,' he said. 'But with the aspirations that my clients had, I had to not just do a good job, but to fundamentally do something that was transformative.' The speed he wanted for his clients was impossible in the 2010s — each human review for compliance was necessary, but time-consuming. AI, Burke said, had no hype around it in 2015 when he had the idea to use it to help achieve the speed he was looking for. The one thing holding him back was that he didn't know enough about AI to build an engine that could do what he needed to do. Then he met Brandon Morton, an AI researcher at Drexel who was working on his doctorate at the time. 'We met at church randomly,' Burke said. 'It was like divine intervention … His research is really what powered our ability to actually do what we're doing.' Morton effectively became a cofounder of Lithero. Even with his leadership, Burke said, it was a challenge. 'AI is very, very difficult,' Burke said. 'People don't appreciate the beauty and the power of the human mind and how hard it is to get machines to simulate what we do.' An AI assistant that doesn't hallucinate The technology Lithero created is called LARA, Lithero Artificial Review Assistant. 'You could think of it sort of like an artificial lawyer,' Burke said. Once LARA has all of a client's necessary information, it essentially pre-screens the content. It's not meant to replace the client's human lawyer, just to make it so that the lawyer has less to do on each individual piece of marketing. Then, he said, LARA will understand the client-specific content well enough that the client can use the tool for other things as well, such as creating annotations and comparing content to customer behavioral data. While today people tend to think of large language model generative AI like ChatGPT when they think of AI, LARA still isn't generative — it doesn't generate content based on prompts, it is a screening and correlation tool that can be trained to know everything about a specific brand. As such, it is not susceptible to drawbacks like hallucinations, when an AI model randomly answers with false information presented as fact, often a result of insufficient data or bias. The public launch of generative AI did help the company, though, by making the concept of an AI tool less obscure. 'It has normalized what we're doing,' Burke said. 'We're in a very conservative, cautious, slow industry — it changed the conversations that I was having.' Now, he says, there is a lot of demand, and a lot of clients bringing them new ideas on how the company can continue to grow. 'Our future is not just compliance, it's also creative,' Burke said. 'We recently launched some creative assistants, and are seeing this amazing amount of excitement.' From one to ten To get to where Lithero is today, with a team of ten and a growing roster of clients, it spent years based at Ic@3401, a University City coworking and incubation space sponsored by Drexel University and the University City Science Center that closed in 2024. One of its earliest investors, apart from friends and family, was Ben Franklin Technology Partners. Burke also credits its law firm Morgan Lewis as a big supporter, as well as angel investment group Broad Street Angels.
The Hindu
a day ago
- Business
- The Hindu
Grammarly secures $1 billion from General Catalyst to build AI productivity platform
Grammarly has raised $1 billion in non-dilutive financing from General Catalyst to expand its artificial intelligence (AI) offerings, aiming to grow into a comprehensive productivity platform, the companies said on Thursday. Grammarly, known for its popular writing assistant tool, plans to use the capital to fund sales and marketing costs and strategic acquisitions. It looks to use AI to build more communication-based productivity tools and even hosts third-party tools on its platform by leveraging access to its 40 million daily users. The investment, one of the biggest out of General Catalyst's Customer Value Fund (CVF), could help late-stage tech companies like Grammarly accelerate growth by using dedicated capital to acquire new customers. By reallocating funds typically tied up in sales and marketing, Grammarly can invest more in product development. In return, General Catalyst doesn't receive an equity stake in Grammarly, but will get a capped return linked to revenue generated through using this capital. This is structured as a percentage of the revenue generated from the fund being used in customer acquisition. Founded in 2009, Grammarly has an annual revenue exceeding $700 million and is profitable. In December, Grammarly appointed Shishir Mehrotra, previously CEO of the acquired productivity platform Coda, as its new leader, signaling a push into broader AI-powered workplace tools. "As Grammarly is going through a huge transformation of going from being a what is mostly known as a single-purpose agent to being an agent platform, it just felt very important for us to be able to bet big in our product development and in M&A as well as in our growth strategies," Mehrotra said in an interview. He added said the company has an eventual goal to go public, although no imminent plans. "I'm right now just focused on making sure we're innovating with new products, growing as fast as we can. But when we feel ready, we'll go public," Mehrotra added. The dedicated growth investment, if it pays off, could also benefit the valuation of Grammarly and General Catalyst's stake in the company, as it has also been an equity investor in Grammarly's series B funding in 2017. San Francisco-based Grammarly has raised over $550 million in venture capital, according to PitchBook. It was last valued at $13 billion in 2021. General Catalyst's Customer Value Fund operates apart from the firm's main venture funds with separate limited partners, and is not included in the newly raised $8 billion fundraising the firm announced. This approach is part of a strategic evolution for the tech investor, led by CEO Hemant Taneja, as it seeks to grow beyond the traditional venture capital model, including creating innovative funding mechanisms. Its customer acquisition fund has invested in nearly 50 companies, including Lemonade and Fivetran, as it leads on growth metrics to a more predictable path to returns. "Companies like Grammarly basically have a machine where they can invest dollars in sales and marketing and generate a very consistent return," said Pranav Singhvi, Managing Director at General Catalyst, "With this wave of AI, giving Grammarly the firepower to actually go and invest could land those customers beyond the 40 million."
Time of India
a day ago
- Business
- Time of India
Grammarly secures $1 billion from General Catalyst to build AI productivity platform
Grammarly has raised $1 billion in non-dilutive financing from General Catalyst to expand its artificial intelligence (AI) offerings, aiming to grow into a comprehensive productivity platform, the companies said on Thursday. Grammarly, known for its popular writing assistant tool, plans to use the capital to fund sales and marketing costs and strategic acquisitions. It looks to use AI to build more communication-based productivity tools and even hosts third-party tools on its platform by leveraging access to its 40 million daily users. The investment, one of the biggest out of General Catalyst's Customer Value Fund (CVF), could help late-stage tech companies like Grammarly accelerate growth by using dedicated capital to acquire new customers. By reallocating funds typically tied up in sales and marketing, Grammarly can invest more in product development. In return, General Catalyst doesn't receive an equity stake in Grammarly, but will get a capped return linked to revenue generated through using this capital. This is structured as a percentage of the revenue generated from the fund being used in customer acquisition. Founded in 2009, Grammarly has an annual revenue exceeding $700 million and is profitable. In December, Grammarly appointed Shishir Mehrotra, previously CEO of the acquired productivity platform Coda, as its new leader, signaling a push into broader AI-powered workplace tools. Live Events "As Grammarly is going through a huge transformation of going from being a what is mostly known as a single-purpose agent to being an agent platform, it just felt very important for us to be able to bet big in our product development and in M&A as well as in our growth strategies," Mehrotra said in an interview. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories He added said the company has an eventual goal to go public, although no imminent plans. "I'm right now just focused on making sure we're innovating with new products, growing as fast as we can. But when we feel ready, we'll go public," Mehrotra added. The dedicated growth investment, if it pays off, could also benefit the valuation of Grammarly and General Catalyst's stake in the company, as it has also been an equity investor in Grammarly's series B funding in 2017. San Francisco-based Grammarly has raised over $550 million in venture capital, according to PitchBook. It was last valued at $13 billion in 2021. General Catalyst's Customer Value Fund operates apart from the firm's main venture funds with separate limited partners, and is not included in the newly raised $8 billion fundraising the firm announced. This approach is part of a strategic evolution for the tech investor, led by CEO Hemant Taneja, as it seeks to grow beyond the traditional venture capital model, including creating innovative funding mechanisms. Its customer acquisition fund has invested in nearly 50 companies, including Lemonade and Fivetran, as it leads on growth metrics to a more predictable path to returns. "Companies like Grammarly basically have a machine where they can invest dollars in sales and marketing and generate a very consistent return," said Pranav Singhvi, Managing Director at General Catalyst, "With this wave of AI, giving Grammarly the firepower to actually go and invest could land those customers beyond the 40 million."
Axios
2 days ago
- Business
- Axios
Harvard ban threatens startup pipeline
President Trump's decision to prevent international students from studying at Harvard could hurt America's economy by reducing the number of startup founders. Why it matters: Trump is aiming at Harvard, but buckshot may hit the innovation engine that America needs to stay ahead of China. 🧮 By the numbers: Around 44% of U.S. unicorn companies — startups valued at $1 billion or more — are founded or cofounded by immigrants. Some of them moved to the U.S. as children, but many came for school, then stayed to build their businesses. An Axios analysis shows that around two dozen U.S. unicorns were founded or cofounded by international students who studied at Harvard. Under Trump's rule, none of them would have been allowed to enroll. Among those unicorns are payments giant Stripe, cybersecurity firm CloudFlare, crypto brokerage FalconX and generative AI startup Writer. 🔬 Zoom in: Harvard ranks as one of America's top schools for educating startup founders, ranking third for undergrads, second for grad students, and first for MBAs, according to PitchBook. The big picture: Harvard is just one U.S. university out of thousands, but it has an outsized global reputation. For the more than 6,000 current Harvard students, some may seek to transfer — although it could be quite onerous, particularly for those in the midst of scientific graduate degrees that are tied to specific professors.
Reuters
2 days ago
- Business
- Reuters
Exclusive: Grammarly secures $1 billion from General Catalyst to build AI productivity platform
May 29 - Grammarly has raised $1 billion in non-dilutive financing from General Catalyst to expand its artificial intelligence (AI) offerings, aiming to grow into a comprehensive productivity platform, the companies told Reuters. Grammarly, known for its popular writing assistant tool, plans to use the capital to fund sales and marketing costs and strategic acquisitions. It looks to use AI to build more communication-based productivity tools and even hosts third-party tools on its platform by leveraging access to its 40 million daily users. The investment, one of the biggest out of General Catalyst's Customer Value Fund (CVF), could help late-stage tech companies like Grammarly accelerate growth by using dedicated capital to acquire new customers. By reallocating funds typically tied up in sales and marketing, Grammarly can invest more in product development. In return, General Catalyst doesn't receive an equity stake in Grammarly, but will get a capped return linked to revenue generated through using this capital. This is structured as a percentage of the revenue generated from the fund being used in customer acquisition. Founded in 2005, Grammarly has an annual revenue exceeding $700 million and is profitable. In December, Grammarly appointed Shishir Mehrotra, previously CEO of the acquired productivity platform Coda, as its new leader, signaling a push into broader AI-powered workplace tools. "As Grammarly is going through a huge transformation of going from being a what is mostly known as a single-purpose agent to being an agent platform, it just felt very important for us to be able to bet big in our product development and in M&A as well as in our growth strategies," Mehrotra said in an interview. He added said the company has an eventual goal to go public, although no imminent plans. "I'm right now just focused on making sure we're innovating with new products, growing as fast as we can. But when we feel ready, we'll go public," Mehrotra added. The dedicated growth investment, if it pays off, could also benefit the valuation of Grammarly and General Catalyst's stake in the company, as it has also been an equity investor in Grammarly's series B funding in 2017. San Francisco-based Grammarly has raised over $550 million in venture capital, according to PitchBook. It was last valued at $13 billion in 2021. General Catalyst's Customer Value Fund operates by drawing capital from the firm's main investment fund, including a newly raised $8 billion. This approach is part of a strategic evolution for the investment firm, led by CEO Hemant Taneja, as it seeks to grow beyond the traditional venture capital model, including creating innovative funding mechanisms. Its customer acquisition fund has invested in nearly 50 companies, including Lemonade and Fivetran, as it leads on growth metrics to a more predictable path to returns. "Companies like Grammarly basically have a machine where they can invest dollars in sales and marketing and generate a very consistent return," said Pranav Singhvi, Managing Director at General Catalyst, "With this wave of AI, giving Grammarly the firepower to actually go and invest could land those customers beyond the 40 million."
