Iceland-based AI-driven decision support platform focusing on pharmaceutical industry, PLAIO, has secured €4.3 million ($4.78 million) to enhance its platform and scale operations in Europe and the United States.
Founded by Jóhann Guðbjargarson, the company’s latest financing round follows a pre-Series A round in 2021, which raised €2.7 million ($ 3 million).
The latest round was spearheaded by Iðunn, a corporate venture fund managed by Kvika Asset Management, with continued support from Icelandic VC Frumtak Ventures and Dr. Agon. As part of the investment, Pétur Richter from Iðunn and Andri Sveinsson of Dr. Agon will join PLAIO’s board.
PLAIO will use the Additional capital for growth and expansion in Europe and the US. The company will also enhance the platform’s AI Coplanner, develop new industry partnerships, and strengthen existing ones.
PLAIO has grown significantly since its founding, gaining customers in the northern European market. With AI-driven decision support, the company aims to redefine how pharmaceutical companies manage supply chains and pave the way for a new wave of digitization in the pharma industry.
The company’s platform leverages the power of AI to offer solutions to problems faced by everyday workers in the pharmaceutical industry, with the latest investment underscoring the confidence in its unique platform and management team at large.
