Persist AI, a San Francisco, CA-based AI-driven pioneer in drug formulation, announced that it closed an oversubscribed $4 million seed financing round following its completion of YCombinator.
The round was led by 2048 Ventures, with the participation of Innospark Ventures, Fellows Fund, YCombinator, Pioneer Fund, and others.
Pharmaceutical companies typically take up to five years to develop long-lasting drug injections to treat chronic conditions such as cancer and diabetes. Enter Persist, leveraging AI-driven automation to slash formulation development time by a staggering 50%—to just two years. "We complete microsphere pre-formulation for clients in weeks, not years," stated CEO Karthik Raman."
Over the past 6 months, the company has developed cutting-edge robotics technology that facilitates the automated creation of long-acting injectable formulations. Coupled with AI models, they can rapidly predict which formulations will release drugs in the body for a long time and reduce the number of injections that patients need.
Company: Persist AI Formulations Corp.
Raised: $4.0M
Round: Seed Round
Funding Month: August 2023
Lead Investors: 2048 Ventures
Additional Investors: Innospark Ventures, Fellows Fund, YCombinator, and Pioneer Fund
Company Website: https://www.persist-ai.com/
Software Category: AI-based Long-Acting Microsphere Formulations
About the Company: Persist AI is a biotechnology company that specializes in building and optimizing long-acting injectable formulations, offering high-throughput formulation screening, automated drug release testing, method transfer, and manufacturing scale-up. This helps drug manufacturers solve problems with drug clearance in the body, formulation instability, acute toxicity, shelf life, and many other drug formulation-related problems.
Source: https://www.prnewswire.com/news-releases/persist-ai-raises-4m-in-seed-financing-rapidly-accelerates-drug-formulation-301893226.html