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Title: This YC Partner Just Raised $30 Million For An AI Startup Automating Paperwork For Biotech
YC Partner Surbhi Sarna Leaves Accelerator to Launch Collate, a $100M-Valued Company, Focused on Revolutionizing Life Sciences by Eliminating Tedious Administrative Tasks
In an announcement made at the J.P. Morgan Healthcare Conference, Y Combinator partner Surbhi Sarna is departing her role at the prestigious startup accelerator to launch Collate, a groundbreaking AI-powered company aimed at streamlining the labor-intensive paperwork process for biotech companies. The significant achievement is underscored by the substantial $30 million seed funding secured from Redwood City-based venture capital firm First Round Capital, with support also coming from Y Combinator president and CEO Garry Tan, who has joined Collate as a personal investor.
Sarna, an alum of Forbes’ 2014 30 Under 30 list, drew inspiration for her new startup from her own experiences in the medical device industry. Having suffered ovarian cysts at age 13, she was forced to navigate the complexities of healthcare and biotech, only to find that existing systems were inadequate for accurate diagnosis and treatment. This personal struggle fueled her drive to create innovative solutions.
As the founder of nVision Medical, Sarna successfully developed the first FDA-cleared device to collect cells from fallopian tubes, offering a potential early diagnosis for ovarian cancer, the fifth-leading cause of cancer deaths among women. After selling nVision to Boston Scientific in 2017 and then joining Y Combinator as a group partner leading its bio practice in 2021, Sarna is now poised to revolutionize the life sciences sector with Collate.
The company’s AI-driven approach will utilize large language models to automate document creation for biotech companies, addressing an issue that has been largely overlooked. As Sarna pointed out during an interview, “Document creation for the life science industry may sound super-boring, not a sexy thing to work on. But it’s a gigantic opportunity, and there’s no way you could do this with deterministic code. You needed large language models.”
Sarna will be joined in her endeavor by co-founder Nate Smith, former visiting partner at Y Combinator and the cofounder of recruiting platform Lever, which was acquired by Employ Inc. in 2022. The two entrepreneurs had a chance encounter that led to their partnership, thanks to an unexpected conversation starter – Sarna’s eight-year-old son asking them if they were discussing potential collaborations.
Collate has already garnered significant support from prominent venture capital firms and notable figures in the industry. “Everybody who has a tool is going to say they are an AI tool today. There are lots of players around the niches,” stated First Round Capital’s Josh Kopelman, highlighting the company’s unique breadth and potential for massive growth.
With this substantial funding, Collate will focus on building its product and hiring engineers to bring Sarna’s vision to life. The CEO emphasized her commitment to creating a distinct culture and surrounding herself with like-minded individuals who share her dedication to innovation.
The massive funding round has enabled the company to take a more aggressive approach in terms of talent acquisition and strategic growth, a departure from the slower pace during her time at Y Combinator.
Source: www.forbes.com
