United Venture is the lead investor in our round A. When you have a dream, you must fight for it. We want to revolutionize the life science and medical devices world by speeding up research and development of new products, increasing safety, opening the door to personalized medicine and trials for rare diseases, all by bringing the power of modeling and simulation at the finger of any researcher on the planet. It’s a big ambition, and we have worked very hard in the last two years to build the technology that can make this dream come true.
We believe that our platform has the potential to reduce product development time and costs from 40% to 60%, including those required to obtain regulatory approvals. We want to bring modeling and simulation to any of the 52,000 medical companies and 3,200 pharmaceutical companies operating in the market, making it easy to use and affordable through simplified interfaces, guided workflows and a pay-per-use model. As everything is on the cloud, it will be accessible from any place, to anybody who has an internet connection and a computer with a browser.
A partner that shares our vision
But you cannot make such a big thing alone: you need partners that share your vision and support it in many different ways. Despite the time is not the best one to look for investors, United Ventures, an independent Italian venture capital fund specializing in investments in digital technologies, decided to believe in us and our capabilities and support us with a €3 million Series A funding.
For us, this is very important news for two reasons. Firstly, having such a well-known investor at our side means that we had to go through a tough and long due diligence where our ideas were scrutinized and questioned by several experts. We had a further and strong confirmation that our platform has all the potential to be successful on the market. Secondly, we now have the financial strength to accelerate our pipeline of products and our go-to-market.
We have always believed in our idea: the interest in silico technology is clearly growing. The global #biosimulation market has been estimated at about $1.65 billion in 2018 and is expected to generate about $4.58 billion by 2025, with a CAGR of about 15.7% between 2019 and 2025.
Costs and times of #clinical trials have always been a sore point for companies in the pharmaceutical and biomedical sector – and the #Covid-19 emergency has made this even more clear. Today, an average of 2.6 billion dollars and up to 12 years of experimentation and dialogue with regulatory bodies are needed to bring a new drug to market. 95% of potential drugs, as a result of laboratory testing and clinical trials, do not reach it at all. We can help drastically reduce costs and times of development of new products. We can make a real difference.