Phenaros Pharmaceuticals gains Almi Invest backing

Almi Invest, a prominent Swedish startup investor, has announced its investment in Phenaros Pharmaceuticals, a company based in Uppsala that specializes in AI-driven platforms for drug development. This investment is part of a larger funding round that includes Nordic Science Invest, Monesi, and Länsförsäkringar Uppsala. By integrating phenotypic studies, advanced image analysis, and automation, Phenaros aims to address the global pharmaceutical industry's challenges, where clinical trial failure rates are as high as 90% in the preclinical phase. With AI-enhanced solutions, there's potential to streamline these processes, significantly cut costs, and reduce development times. The market for AI in drug development is projected to surge from USD 1.99 billion in 2024 to USD 35.4 billion by 2034, according to Polaris Market Research. Phenaros, founded in 2021, has quickly became a leader in drug development innovation with collaborations with major industry players such as AstraZeneca, Sanofi, and Galapagos. The company’s new proprietary automation facility seeks to challenge traditional methods, aiming to expedite drug candidate development across various critical medical fields. Almi Invest emphasizes the need for innovative solutions within the industry and plans to use its strategic development experience to help Phenaros grow on the global stage.