The urgency of the COVID-19 pandemic may have subsided, but the demand for efficient and secure transportation of valuable, fragile medicines remains high. Swiss startup SkyCell has developed advanced hardware and software to enhance and green the transport process, securing significant funding to expand its business.
SkyCell recently concluded its Series D funding round, amassing $116 million. Tybourne Capital Management and CCI contributed $59 million, adding to the $57 million previously invested by M&G Investments. With this latest investment, SkyCell’s valuation has increased to $635 million.
SkyCell, which first gained prominence during the COVID-19 pandemic, provides “smart containers” powered by machine learning and other software to maintain optimal conditions for sensitive drugs. The company also offers a logistics system called “SkyMind” to manage global drug transportation for pharmaceutical companies, charities, and health organizations.
Despite its origins in 2012, SkyCell’s technology has become crucial for transporting medicines securely, with the company experiencing 50% annual growth. Currently, SkyCell handles the transportation of approximately $2.5 billion worth of pharmaceutical products monthly, including cancer treatments, diabetes medicines, and diagnostic treatments.
CEO Richard Ettl attributes much of the growth to the increasing need for decarbonization. The pharmaceutical industry, responsible for 4.4% of global emissions, faces mounting pressure to reduce its carbon footprint. SkyCell’s containers, being about half the weight of competitors’ offerings, significantly cut CO2 emissions, providing a cost-effective solution for pharma companies aiming to go green.
SkyCell’s products, including their smart containers and software, have become indispensable for major pharmaceutical companies committed to reducing emissions. Additionally, the company has begun selling components of its products, such as smart thermometers, to other customers for their storage needs.
Bosun Hau, MD of Tybourne, highlights SkyCell’s potential to become a key technology partner for the global pharmaceutical industry. With its cutting-edge hardware, software, and data analytics, SkyCell is poised to revolutionize pharmaceutical logistics, a sector that has seen little innovation in recent decades.
