SkyCell: Renovating the Pharmaceutical Supply Chain
On June 25, 2024, SkyCell, a Swiss startup in pharmaceutical logistics, closed out its Series D funding at $116 million. The funding includes $59 million from Tybourne Capital Management and CCI, along with an additional $57 million in equity investment from M&G Investments’ Catalyst. This funding will be used to expand SkyCell’s global operations, with a particular focus on growth in the Asia and U.S. markets.
With approximately $35 billion worth of medicine losses annually due to temperature deviation during transportation, SkyCell has developed an integrated approach to protecting the pharmaceutical supply chain through both hardware and software innovations.
SkyCell has designed IP-protected hybrid containers which maintain strict temperatures and humidity levels and absorb vibrations during transportation. The hybrid container has an average runtime of 270 hours and can self-charge automatically when placed in a cool environment, including cold chambers and reefer trucks. These capabilities are important for safely shipping life-saving, temperature-sensitive pharmaceuticals such as vaccine doses, cancer medications and diabetes drugs.
In terms of software, SkyCell has developed “SkyMind”, a software logistics system equipped with Internet of Things (IoT) sensors. This system allows clients to monitor shipment temperature and geolocation in real time. It also allows them to predict, track, and report CO2 emissions as well as plan routes to maximize sustainability and reduce carbon footprint.
The pharmaceutical industry now faces significant challenges with its increasing carbon footprint, largely due to the energy-intensive nature of traditional cold chain containers. SkyCell’s hybrid solution helps pharmaceutical companies and suppliers make informed decisions regarding risk, cost management, and CO2 emissions in supply chain management.
Author: Tyler Wang, 2024 Summer Student At-Law
Expertise
Insights
-
Technology
MaRS Announces New Cohort of Female Entrepreneurs for Cleantech Accelerator
The Toronto technology hub, MaRS, has sought to support female-led Canadian cleantech companies by teaming up with RBC to launch a 24-month cleantech accelerator program. The two-year program recruits… -
Technology
It’s an Autocado…Thanks!
Fast food giant Chipotle Mexican Grill is moving into the world of automation in two of its California locations. These locations have adopted an automated bowl-and-salad maker, as well as an… -
Capital Markets
Canadian Securities Administrators Further Extend Compliance Deadline in Interim Approach to Value-Referenced Crypto Assets
On September 26, 2024, the CSA provided a further update for crypto asset trading platforms (CTPs) that are registered, or that have provided a pre-registration undertaking (PRU), on the interim… -
Technology
Lockheed Martin to Acquire Terran Orbital
Lockheed Martin (“Lockheed”) has announced the signing of an agreement to acquire Terran Orbital (“Terran”) for $0.25 per share. The deal has an enterprise value $450 million and is set to close in… -
Technology
AT&T’s High-Tech Football Helmet is Set to Change the Game
The NCAA recently approved a helmet for quarterbacks who are deaf or hard of hearing, designed by AT&T in collaboration with Gallaudet University, for use in GU’s 2024 season.The first of its… -
Financial Services Regulatory
Summer’s Over – It’s Time to Consider Your RPAA Registration
Not only has the summer flown by, but Halloween is six weeks away. That means payment service providers (PSPs) have six weeks to prepare for the November 1st opening of the two-week window for…