Swiss startup SkyCell has raised $57 million in a recent funding round led by Catalyst, a division of M&G Investments, valuing the company at $600 million. SkyCell specializes in building smart containers for the transport of pharmaceuticals, including vaccines, cancer treatments, and diagnostics. The funding comes as the company reaches new heights, transporting $1.5 billion worth of pharmaceutical products each month, equivalent to hundreds of millions of doses.
Key Takeaway
Swiss startup SkyCell has raised $57 million in funding, valuing the company at $600 million. SkyCell specializes in smart containers for transporting pharmaceuticals, such as vaccines and cancer treatments. With its proprietary technology and analytics platform, the company aims to revolutionize pharmaceutical transport and ensure temperature-safe delivery. SkyCell’s focus on sustainability and commitment to a CO2-neutral supply chain sets it apart in the industry.
Ensuring Temperature-Safe Transport
The Covid-19 pandemic highlighted the importance of maintaining precise temperature controls during pharmaceutical transportation. Vaccines, in particular, require specific temperature conditions to remain effective. SkyCell’s transport containers address this challenge by utilizing advanced technology and a vertically integrated business model.
The company’s proprietary transport-ready “smart” boxes, protected by around 140 patents, offer up to 180 hours of temperature stability. This level of protection is crucial in mitigating risks and preventing spoilage, which can lead to significant financial losses. The current industry standard still relies heavily on low-tech, disposable solutions, resulting in an estimated annual waste of $35 billion.
Building Trust in a Conservative Industry
The pharmaceutical industry, with its established practices and risk-averse nature, presents unique challenges for disruptive startups like SkyCell. It took the company six to seven years to gain traction and establish trust among pharmaceutical companies. SkyCell’s focus on innovation, reliability, and sustainability has enabled it to overcome these barriers and become a leader in the industry.
Additionally, SkyCell provides customers with an analytics platform to monitor and manage supplies as they move through various stages of the supply chain. This not only enhances customer experience but also creates a recurring revenue stream for the company.
Future Growth and Sustainability Goals
While SkyCell could potentially expand into other industries, such as food transportation, the company has chosen to maintain its focus on pharmaceuticals. Its primary goal is to continue improving its products and services while prioritizing sustainability. SkyCell aims to transition to a CO2-neutral supply chain and support its customers’ emissions reduction objectives.
The recent funding round and appointment of Dr. Remo Gerber as CFO further solidify SkyCell’s position as an industry leader. Dr. Gerber, previously involved with companies like Gett and Groupon, brings valuable expertise and experience to the team.
