Iceland-founded AI-assisted decision support platform for the pharmaceutical industry PLAIO has raised €4.3 million in an oversubscribed round. 

The company was co-founded by industry veterans and academics with over 25 years of experience in the pharmaceutical supply chain sector.

Its AI-enhanced sales, operations, and supply chain planning solution was developed specifically for the pharmaceutical industry. 

An overwhelming 95 per cent of pharma companies rely on outdated spreadsheets for supply chain planning, according to PLAIO’s research. PLAIO was founded to address critical gaps in the market. 

PLAIO’s platform uses prediction algorithms and AI to assist planners and supply chain managers in optimising the sales and operations cycle. 

PLAIO’s AI co-planner offers an intuitive natural language interface, allowing pharma professionals to ask questions about data and simulate various “what if” scenarios.

PLAIO’s co-planner 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. 

PLAIO’s client portfolio has grown by 200 per cent in the last 12 months, and includes Covis Pharma, Alvotech, and Camarus. 

Johann Gudbjargarson, Founder and CEO of PLAIO, shared:

“We founded this company with a clear mission: to transform the outdated and inefficient methods that dominate pharmaceutical supply chain planning.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 first-hand 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.” 

The round was led by Iðunn, a venture capital fund managed by Kvika Asset Management, with continued support from existing investors Frumtak Ventures and Dr. Agon. 

“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 companym” adds Iðunn’s Pétur Richter. 

“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.” 

Ásthildur Otharsdóttir, Partner at Frumtak Ventures, and Chairman of PLAIO, shared:

“PLAIO’s innovative approach has already proven its value in the northern European market, and our latest investment underscores our confidence in the platform and its ability to resonate on a global scale.” 

PLAIO will use the funding to implement strategic enhancements to the platform’s ‘AI co-planner’ offering and strengthen and develop new and existing partnerships to solidify its position as a market leader in AI pharma planning solutions. 

Lead image. PLAIO. Photo: uncredited.