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Acquisition of data science company brings artificial intelligence in-house to bolster company’s efforts towards smart MedTech quality
INDIANAPOLIS — May 24, 2022 — Greenlight Guru, pioneer of the only dedicated Medical Device Success Platform (MDSP), today announced its acquisition of Vertex Intelligence, a data science company that partners with organizations to develop custom artificial intelligence and machine learning solutions. As a part of Greenlight Guru, they’ll look to leverage machine learning to improve the medical device industry’s approach to all aspects of quality management.
For decades, the medical device industry has been held back by treating quality management as a costly yet unavoidable business expense. A compliance mindset leaves companies in a reactive position, with Quality departments’ primary functions being to meet minimum regulatory requirements and reduce costs of noncompliance. The result is a reactive industry that’s unable to embrace the proactive quality offered by modern technological solutions.
There is still hope, though. Management consulting leader McKinsey and Company say that AI and ML solutions like the ones developed by Vertex enable MedTech companies to accelerate time to market, reduce quality assurance costs, and increase capacity and responsiveness of manufacturing and supply chains.
The acquisition is a culmination of the two company’s 3-year working relationship, with Vertex playing a significant role in Greenlight Guru’s vision of making smart quality real. Founded in 2018 in Zionsville, Indiana by CEO Tyler Foxworthy and partners Ken Miller and Zach Cardwell, the Vertex team will form the foundation of Greenlight Guru’s in-house data science department.
Foxworthy, who begun making waves in the industry when he was accepted into IUPUI’s math department at the young age of 15, says the feeling is akin to coming home.
“I have always maintained a passion for the life sciences sector,” Foxworthy said. “We’re thrilled to be able to devote our undivided attention towards bringing the Greenlight Guru vision of True Quality to life.”
The acquisition also includes several groundbreaking patents that Foxworthy developed and submitted while working with former Greenlight Guru COO Jason McKibbin; the most notable was the first use of graph-based machine learning in the MedTech space, which Foxworthy was awarded by the US Patent Office in March of 2022.
“We can’t achieve True Quality without AI, and this is our way of planting the stake in the ground,” said Greenlight Guru CEO, David DeRam. “Bringing artificial intelligence and machine learning capabilities in-house is the next logical step.”
“The use of AI in quality management is an entirely greenfield problem,” Foxworthy said. “We couldn’t be more excited to be at the forefront of AI innovation in the medical device industry.”
“The acquisition of Vertex Intelligence enables us to help medical device companies achieve True Quality through proactive decision support across the entire medical device product life-cycle,” said Greenlight Guru CMO, Nick Tippman.
This acquisition follows the company’s release of Halo℠, the world’s first AI and machine learning recommendation engine for medical device quality, including its first use cases as Halo℠ for Change Management and Intelligent Document Management. This revolutionary product provides quality and product teams with recommendations of items impacted by a change order and the real-time visibility needed to discover, assess and manage the impact of a change. The acquisition and more will be announced at Greenlight Guru’s inaugural True Quality 2022 conference, taking place in San Diego June 6-8, 2022.
Nick Tippmann is the Chief Marketing Officer for Greenlight Guru, a MedTech Lifecycle Excellence Platform (MLE) that provides an industry-specific solution to help medical technology innovators around the world use quality as an accelerator to move beyond baseline compliance and achieve True Quality. Tippmann is...