SkyCell has raised $57 million in a funding round, with a company valuation of $600 million. As the company has announced, the round was led by Catalyst, a division of London-based M&G Investments.
SkyCell has developed temperature-controlled door-to-door container solutions that enable pharmaceutical companies to optimize their supply chains. They can also monitor their deliveries on an analysis platform.
With its over 140 patents, SkyCell can reduce and predict the risk of transporting temperature-sensitive medicines by air. This results in a failure rate of less than 0.1 per cent. In contrast, the industry currently still uses throwaway solutions, including Styrofoam and chill packs, according to a TechCrunch article linked to in the SkyCell post. SkyCell estimates that this results in spoiled products worth $35 billion being wasted every year.
The latest version of the cold box stays cold for up to 180 hours. “That gives you massive protection when things go wrong, and they go wrong all the time,” says CEO and co-founder Richard Ettl. He adds that the company is recording growth of between 40 and 50 per cent each year, and currently transports pharmaceutical products worth $1.5 billion every month.
“We believe the innovative design of the SkyCell solution will play a key role in decarbonizing the pharmaceutical supply chain and ensure zero waste,” says Praveg Patil from M&G, who is joining the Board of Directors. Following this transaction, SkyCell has appointed Dr Remo Gerber as CFO. ce/mm
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