Persist AI – an AI-driven pioneer in drug formulation – recently announced the closing of an oversubscribed $4M financing round following their completion of Y Combinator, the renowned startup accelerator. And the funding round was led by 2048 Ventures with the participation of Innospark Ventures, Fellows Fund, Y Combinator, Pioneer Fund, and others.
Pharmaceutical companies generally take up to five years to develop long-lasting drug injections to treat chronic conditions like cancer and diabetes. Enter Persist, utilizing AI-driven automation to slash formulation development time by a staggering 50% – to just two years.
Over the past six months, Persist AI has developed cutting-edge robotics that enables the automated development of long-acting injectable formulations. And coupled with AI models, they are able to rapidly predict which formulations will release drugs in the body for a long time and reduce the number of injections that patients need.
KEY QUOTES:
“We complete microsphere pre-formulation for clients in weeks, not years.”
— CEO Karthik Raman
“Drug formulation has long been overlooked despite being a crucial part of drug development. Persist’s technology allows them to rapidly screen formulations, develop AI models that optimize the formulations, and then scale up formulations for human clinical use. We’re excited to invest in this groundbreaking technology.”
— Alex Iskold, Managing partner of 2048 Ventures
“Persist AI’s disruptive approach to drug formulation holds immense promise for the future of drug development. Their AI-driven technology is set to revolutionize how we develop and optimize formulations for therapeutics of all kinds. We are proud to support their vision and contribute to their success.”
— Matt Fates, Partner, Innospark Ventures
