Funding Overview
Persist AI, a robotics platform utilizing artificial intelligence for the pharmaceutical sector, has successfully completed an oversubscribed $12 million Series A funding round.
The funding was led by Spero Ventures with contributions from:
- MBX Capital
- Shimadzu Future Innovation Fund (managed by Global Brain Corporation)
- Eli Lilly & Company
- SignalFire
- Ford Street Capital
- Purdue Ventures
- Good AI Capital
- Cartography Capital
- Asymmetry Ventures
- Existing investors: 2048 Ventures, Innospark, and Y Combinator
Introduction of Cloud Lab Platform
Alongside the funding announcement, Persist AI introduced its Cloud Lab platform. This innovative platform allows pharmaceutical companies to:
- Develop formulations using advanced robotic laboratory facilities via a website
- Significantly reduce drug development timelines
- Utilize a fraction of the materials required by traditional methods
Capabilities of Persist AI
Persist AI empowers pharmaceutical companies to:
- Forecast formulation recipes and performance using sophisticated AI models
- Build and test these formulations with robotic systems
By integrating predictive AI models with automated robotic systems, the company claims that drug formulation development can be achieved more quickly and cost-effectively than conventional methods.
Use of Funding
The funds raised will be allocated towards:
- Establishing a manufacturing practice system for long-acting injectables in partnership with Nivagen Pharmaceuticals
- Expanding the robotic lab
- Creating comprehensive datasets to enhance AI model training
- Broadening the range of formulations that can be predicted, built, and tested
Market Impact
In 2024, Persist AI and Nivagen will collaborate to develop a next-generation manufacturing process for long-acting injectable drugs. This partnership aims to:
- Simplify and expedite the development and approval of LAI drugs
- Provide sustained and controlled drug release over extended periods, enhancing patient adherence and outcomes
Leadership Insights
Karthik Raman, CEO of Persist, stated:
“AI is enabling pharma to discover new molecules faster than ever. However, a molecule with poor shelf life cannot become a viable drug product. Our goal is to transform these novel molecules into usable products, such as tablets and injections.”