Persist AI, the AI-driven pioneer in drug formulation, announced today the close of an oversubscribed $4M financing round following their completion of YCombinator, the prestigious San Francisco based startup accelerator. The funding round was led by 2048 Ventures with the participation of Innospark Ventures, Fellows Fund, YCombinator, Pioneer Fund, and others.
Pharmaceutical companies typically take up to five years to develop long-lasting drug injections to treat chronic conditions such as cancer and diabetes. Enter Persist, leveraging AI-driven automation to slash formulation development time by a staggering 50% – to just two years. “We complete microsphere pre-formulation for clients in weeks, not years,” stated CEO Karthik Raman.”
Over the past 6 months, Persist AI has developed cutting- edge robotics that enables automated development of long-acting injectable formulations. 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.
“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,” said 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,” said Matt Fates, Partner, Innospark Ventures.