Modicus Prime, an Austin, Texas-based AI image processing platform for drug manufacturing, has secured $3.5 million in seed funding.
Investors
The round was led by Silverton Partners, with backing from Alumni Ventures and other prominent venture firms.
Founded in 2006, Silverton Partners is a venture capital firm based in Austin, Texas. The firm seeks to make early-stage investments in companies operating in business software, consumer internet, cloud services, enterprise software, and other technology sectors based in the Texas region. This firm is a Registered Investment Adviser (RIA).
As part of the financing round, Silverton Partners' Roger Chen joins the company's board of directors.
Modicus Prime Use of Funds
The company will use the funding to expand its customer support for international pharmaceutical clients, further enhancing its market impact.
About Modicus Prime
Modicus Prime provides computer vision software that automates biologics image analysis and is designed to solve the cost, legal, and waste liabilities from product quality failures. Their flagship product, mpVision, is a Pharma 4.0 quality control technology. It leverages AI models to provide real-time quality control in commercial manufacturing settings, integrating seamlessly with various camera-equipped devices. The company has strategic partnerships with organizations including Takeda Pharmaceuticals, Oak Ridge National Laboratory (DOE), Dotmatics, and eLabNext (Eppendorf). Current implementation areas for the software include biologics, cell and gene therapies, and vaccines for pharmaceutical manufacturing, CMOs, and CDMOs.
Funding Details
Company: Modicus Prime Ltd.
Raised: $3.5M
Round: Seed Round
Funding Month: July 2024
Lead Investors: Silverton Partners
Additional Investors: Alumni Ventures
Company Website: https://modicusprime.com/
Software Category: Quality Control
Source: https://www.prnewswire.com/news-releases/modicus-prime-raises-3-5m-to-prevent-drug-product-quality-failures-during-commercial-production-302195851.html