Reykjavík-based Controlant recently concluded an $80 million funding round, securing $40 million from the Icelandic pension fund Gildi, alongside other pension funds, private investors, and existing shareholders, in addition to $40 million in debt financing from funds advised by Apax Credit in September. Specializing in real-time solutions for pharmaceutical supply chains, Controlant aims to achieve zero-waste processes and bolster patient safety. This substantial funding will fortify their innovation endeavors, supporting strategic business expansion. The capital infusion will empower Controlant to expedite technological advancements, propel market expansion, and further solidify its position as a foremost provider of real-time solutions for pharmaceutical supply chains, emphasizing their dedication to waste reduction and ensuring patient safety across the supply chain.
Controlant is a company deeply involved in revolutionizing the way pharmaceutical supply chains operate on a global scale. They focus on using digital tools and automation to transform these supply chains, aiming to create systems that produce zero waste for their business partners and the environment. Their journey started in 2007 as a startup, and they gained recognition during the 2009 swine flu epidemic by monitoring the storage and delivery of vaccines in Iceland. This involvement in healthcare logistics expanded when they played a significant role in overseeing the global delivery of Pfizer’s COVID-19 vaccine, contributing to the distribution of billions of doses. Beyond their technological contributions, Controlant is committed to sustainability, working with their clients to make supply chains more adaptable and resilient while reducing their environmental impact.
Gisli Herjolfsson, CEO and co-founder, “We are pleased to announce a successful financing round which will support further investments in innovation and strategic business expansion. We are grateful for the support from our Icelandic pension fund partners, current shareholders, and private investors, as well as Apax, and for their confidence in our business model and growth prospects.
While our core business is growing steadily and we experience more customer interest than ever, we are also seeing demand for COVID-19 vaccines transition into post-pandemic levels towards the end of this year and into 2024. As a result, we need to adjust the size of our team and today we are saying goodbye to many cherished colleagues, who played a part in meeting the pandemic challenge and who helped make Controlant the global leader it is today. Ultimately, our efforts during the pandemic saved lives, and improved health for people across the world by ensuring swift and safe vaccine availability. We can be proud of what we accomplished together, and we owe great thanks to everyone in Controlant, including the people leaving today.
Building on our market leadership in real-time solutions for pharma supply chains, we are now ready to transition to the next phase. I am excited about the future ahead. Following these changes, we have a team of 450 people across five countries united in realizing our ambitious vision of zero-waste pharma supply chains and having significant impact on reducing waste and ensuring patient safety every step of the way.”
David Rudolfsson, Chief Investment Officer at Gildi pension fund, “We at Gildi are pleased with participating in Controlant’s capital increase and supporting its next chapter towards future growth. Based on our review of the company’s operations, its competitive position, and market opportunities, we are optimistic about its prospects. We are confident about the future growth opportunities and excited to see the next steps of the journey unfold.”
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Originally published on ArcticStartup : Original article