Almi Invest Backs AI-Driven Platform to Accelerate Drug Development
Almi Invest, Sweden’s prominent startup investor, has announced its investment in Phenaros Pharmaceuticals, a Uppsala-based company that focuses on revolutionizing drug development through its AI-powered platform. The investment is part of a larger funding round involving Nordic Science Invest, Monesi, and Lansforsakringar Uppsala. Phenaros integrates phenotype studies, advanced imaging analysis, and automation to optimize the discovery and development of new drugs.
The global pharmaceutical sector faces significant hurdles, with as many as 90% of clinical trials failing during the preclinical phase, leading to excessive costs and prolonged development periods. With this backdrop, AI solutions that enhance the efficiency of drug development are becoming increasingly important. According to Polaris Market Research, the global AI-driven drug development market is projected to grow from $1.99 billion in 2024 to $35.4 billion by 2034, reflecting an annual growth rate (CAGR) of 29.6%.
Phenaros is addressing this need with its AI-integrated platform, which combines automation and advanced analytical capabilities to improve accuracy and potentially shorten development timelines. By enhancing the identification and validation of drug candidates, the company aims to help pharmaceutical firms reduce risks and improve the success rates of clinical trials.
Founded in 2021, Phenaros Pharmaceuticals has gained traction through collaborations with leading industry players such as AstraZeneca, Sanofi, and Galapagos. The company’s proprietary automation facility and advanced imaging technologies allow it to accelerate the drug discovery process. This innovative approach is expected to impact the treatment of various critical diseases by delivering more effective drug candidates faster and with greater precision.
Ali Altaie, Investment Manager at Almi Invest, emphasized the significance of the investment by stating, “This investment is about making a real impact. Phenaros has successfully combined cutting-edge technology with a large and tangible need. Their progress so far shows they have the vision and ability to see it through.”
As a co-investor, Almi Invest always collaborates with independent investors to create synergies between startups and venture capital. In this case, partners like Nordic Science Invest, Monesi, and Lansforsakringar Uppsala bring not only financial resources but also strategic insights to support Phenaros in its expansion.
As an active investor, Almi Invest plans to leverage its extensive network and experience in strategic development to help Phenaros scale globally. The focus will be on strengthening the company’s strategic position and ensuring sustainable growth, positioning it as a major player in the AI-powered drug development landscape.
Commenting on the investment, Ola Spjuth, CEO of Phenaros Pharmaceuticals, said, “This investment is a clear acknowledgment of our platform’s potential and the strength of our team. The funding will enable us to accelerate our research and establish our technology as a new standard for drug discovery and safety profiling.”
With the newly secured funding, Phenaros Pharmaceuticals is set to enhance its contributions to pharmaceutical innovation and reshape the landscape of life sciences. By pushing the boundaries of automation and AI-driven insights, the company aims to transform drug development processes on a global scale.
