PLAIO, an Iceland-founded AI-assisted decision support platform for the pharmaceutical industry, has raised €4.3 million in an oversubscribed round. The round was led by Iðunn, a venture capital fund managed by Kvika Asset Management, with continued support from existing investors Frumtak Ventures and Dr. Agon.
PLAIO will use the funding to implement strategic enhancements to the platform’s ‘AI Coplanner’ offering, as well as strengthen and develop both new and existing partnerships to solidify its position as a market leader in AI pharma planning solutions.
PLAIO, co-founded by industry veterans and academics with more than 25 years of experience in the pharma supply chain sector, is an AI-enhanced sales, operations and supply chain planning solution developed specifically for the pharmaceutical industry.
The funding, which follows a €2.7 million million pre-Series A round in 2021 and €400k injection from the Icelandic Technical Development Fund in 2023, will be used to scale operations within the U.S. and Europe.
Johann Gudbjargarson, Founder and CEO of PLAIO, said: “We founded this company with a clear mission: to transform the outdated and inefficient methods that dominate pharmaceutical supply chain planning. With more than 25 years experience in the industry, I have witnessed first hand the intricate nuances and complications that pharma companies face every day. That is why we started this journey, and, as interest and adoption of AI continues to grow, we’re experiencing exponential growth and a remarkable level of newfound interest, with strong sales conversions. We have big dreams for the future of the company and this latest funding is just another indicator that we’re doing the right thing. We’re now more energized than ever to bring PLAIO’s transformative power to a global stage!”
Despite the pharmaceutical industry’s purported willingness to embrace Pharma 4.0 (an initiative to help pharmaceutical companies adopt digital industrial technologies, including AI), an overwhelming 95% of pharma companies still continue to rely on outdated spreadsheets for supply chain planning, according to PLAIO’s research. What’s more, prior to PLAIO’s founding in 2021, no market leader in pharma planning existed to support the mid-market segment.
Recognising the critical need for a solution that transcends the limitations of traditional Excel-based systems, covering Sales and Operations Planning (S&OP) while seamlessly integrating with Enterprise Resource Planning (ERP) systems, and incorporating advanced AI functionalities, PLAIO was founded to address critical gaps in the market.
PLAIO combines predictive, accurate modeling with high-end visualization and user friendly interfaces. The visual planning platform uses sophisticated prediction algorithms and artificial intelligence to assist planners and supply chain managers in optimizing the sales and operations cycle. PLAIO’s AI Coplanner offers an intuitive natural language interface, allowing pharma professionals to ask questions about data and simulate various “what if ” scenarios. PLAIO’s Coplanner is designed to maximize efficiency, enabling users to quickly perform scenario analysis, and streamline the execution of manufacturing orders into campaigns – effectively handling some of the most time-consuming tasks that planners face daily.
“PLAIO is standing at the forefront of a critical shift in the pharmaceutical industry, and I’m delighted to be joining the board at such a significant time for the company,” commented Pétur Richter, leading the investment from Iðunn. “AI, while touted by the masses as the solution to many of the problems faced by the everyday worker, the pharmaceutical industry remains unprepared for this digital transition. PLAIO’s dedication to solving this issue aligns perfectly with our investment philosophy, and we are extremely excited to support the company’s mission.”
Ásthildur Otharsdóttir, Partner at Frumtak Ventures, and Chairman of PLAIO, added: “PLAIO’s innovative approach has already proven its value in the the northern European market, and our latest investment underscores our confidence in the platform and its ability to resonate on a global scale. PLAIO isn’t just meeting industry expectations – it’s redefining them, setting a new benchmark for how pharmaceutical companies should manage their supply chains and acting as a torchbearer for the next wave of pharma digitization.”
PLAIO’s client portfolio has grown by 200% in the last 12 months, and includes, amongst others, a global specialty pharmaceutical leader Covis Pharma, integrated biopharmaceutical expert, Alvotech, and international pharmaceutical company Camarus.
Iðunn’s investment manager, Pétur Richter, and Andri Sveinsson of Dr. Agon will also join PLAIO’s board of directors. Iðunn’s previous investments include notable Icelandic healthcare and pharma pioneers such as European pharmaceutical companies Coripharma and EpiEndo Pharmaceuticals, and employee mental health and wellbeing solution Kara Connect.
