PLAIO, an Icelandic AI-assisted decision support platform for the pharmaceutical industry, has secured €4.3 million in an oversubscribed round. The latest round follows the €2.7 million pre-Series A round raised in 2021.
Investment details
The round was led by Iðunn, a venture capital fund managed by Kvika Asset Management, with continued support from existing investors Icelandic VC Frumtak Ventures (which backed Treble and Empower, both from Iceland), and Dr. Agon.
PLAIO will use the funding to scale operations in the US and Europe, focusing on enhancing the platform’s AI Coplanner, and developing new and existing industry partnerships.
Ásthildur Otharsdóttir, Partner at Frumtak Ventures, and Chairman of PLAIO said, “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.”
New appointments
In addition to the investment, Iðunn’s investment manager, Pétur Richter, and Andri Sveinsson of Dr. Agon will also join PLAIO’s board of directors.
“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,” said 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.”
Andri Sveinsson, Partner at Dr. Agon added, “PLAIO’s vision for revolutionizing pharmaceutical supply chains through AI is exactly what the industry needs to stay competitive in a rapidly changing landscape. Not only is the product uniquely impressive, but the people behind it are too. There is an intrinsic ‘rock ‘n’ roll’ dynamic built into the company ethos. The team are innovative by their very nature, and my new position on the board of directors will enable me to support them as they scale globally, bringing much-needed change to pharma companies around the world.”
What challenge does it address?
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.
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.
Who is behind the company?
PLAIO touted to offer the world’s first AI-driven platform revolutionising pharmaceutical supply chain planning was founded by Johann Gudbjargarson, an industry expert with 25 years of experience in building enterprise solutions for supply chain optimisation, longstanding pharma expert Árni Hrannar Haraldsson, and University of Reykjavik professors Hlynur Stefansson and Eyjolfur Ingi Asgeirsson.
What does the company do?
It is a visual planning platform that combines deep industry expertise with cutting-edge AI technology to optimise complex planning processes for the pharmaceutical industry. The company combines predictive, accurate modeling with high-end visualisation and user-friendly interfaces. The platform uses sophisticated prediction algorithms and AI to assist planners and supply chain managers in optimising 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. The Coplanner is designed to maximise 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.
As per the company, PLAIO reduces the need for inefficient, reactive workflows, minimises reliance on error-prone manual work, and enhances data integrity while ensuring accurate forecasting, procurement, and production scheduling.
Johann Gudbjargarson, Founder and CEO of PLAIO stated: “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 of experience in the industry, I have witnessed firsthand 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 continue 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 energised than ever to bring PLAIO’s transformative power to a global stage!”
What do we think about the company?
PLAIO is poised to revolutionise the pharmaceutical industry’s supply chain management with its AI-driven decision support platform. By replacing outdated, spreadsheet-based systems, it offers advanced AI functionalities that optimise planning, forecasting, and production scheduling. With strong industry backing and a visionary leadership team, the company is well-positioned to become a global leader in Pharma 4.0.
