Bigfinite, the AI solutions and data analytics provider, has raised $8.5 million in a seed round of financing to boost pharma’s drug manufacturing process.
The pharma manufacturing process yields massive amounts of data and since it comes from numerous sources, in a variety of formats, and is stored in disparate locations – it’s messy.
A 2013 McKinsey report imagined a future where instead of rigid data silos that are difficult to exploit, data are captured electronically and flow easily between functions powering the real-time and predictive analytics that generate business value.
Bigfinite co-founders have a vision for making this imagined future a reality, and are on a mission to improve the pharma manufacturing process using big data and artificial intelligence.
Working closely with industry partners and scientific advisors, Bigfinite has developed more than a dozen use cases for its Bigengine SaaS platform, from predictive maintenance and multisite realtime visibility to process quality review and energy efficiency monitoring.
“In the US alone, 70% of pharma manufacturing data is never used,” said Pep Gubau, Founder and CEO, Bigfinite.
“Our Bigengine platform helps pharma companies discover new ways to optimise processes, reduce manufacturing quality issues, and enhance regulatory compliance, with the potential for a six-month return on investment.”
According to the Tufts Center for the Study of Drug Development, the average cost to develop and gain marketing approval for a new drug is over $2.5 billion.
As pharma companies evaluate strategies to shorten the drug development process and decrease costs, big data analytics and AI show great promise.
“The pharma manufacturing process is complex, lengthy and expensive,” said Omar El-Ayat, Partner, Crosslink Capital.
“The Bigfinite team has the expertise and technology platform to help the pharma industry make changes that could greatly improve the manufacturing process.
“Before launching Bigfinite, they had already successfully built two pharmaceutical IT companies for stastical control and regulatory compliance, both of which were acquired by global corporations.”