Pinpoint pharma6/3/2023 State of play: Pharma manufacturing has been largely paper-based - a slow and costly process, with millions of dollars lost to drug batches with quality deviations. The company works with pharmaceutical players like Bristol Myers Squibb and Synthego, with other unnamed clients in its pipeline, according to Stracquatanio.Its Tempo Manufacturing Cloud supports the underlying manufacturing process and interconnects various contract manufacturing sites and teams.How it works: Apprentice uses artificial intelligence and augmented reality to streamline the drug manufacturing process. ![]() "In our space, there were legacy systems that were designed 15 to 20 years ago for pill-making that haven't really evolved to meet the needs of this new modern manufacturing." "This manufacturing process really hasn't coincided with a change in the technology," he adds."You go from really big pill making like Tylenol, all the way down to one batch for one patient." "That manufacturing process has changed quite dramatically, as you can imagine," he says.What they're saying: "There's been this big accelerant towards biologics, and even now towards cell and gene therapy," Stracquatanio says, noting these drugs are not made for a large patient population, but for one individual. Proceeds will finance product development as Apprentice targets breakeven in the back half of this year.Apprentice's pre-money valuation last year was $450 million and has grown with this raise, CEO Angelo Stracquatanio says, declining to disclose exact figures.The funding follows a $100 million Series C round raised in January 2022, bringing Apprentice’s total funding to $207 million. ![]() Why it matters: The advent of new drug classes - as well as increased outsourcing - has spiked demand for a tech update in pharmaceutical manufacturing.ĭetails: New investor Iconiq Growth led the fundraise, with participation from existing investors Alkeon Capital Management and Insight Partners. Apprentice.io, a cloud-based platform for pharmaceutical manufacturing, raised $65 million, the company tells Axios exclusively.
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