Innovation, Startups and Venture Capital in Iceland

Plaio secures $2.25M funding from Frumtak Ventures

From left: Árni Hrannar Haraldsson, Hlynur Stefánsson, Jóhann Guðbjargarson, Eyjólfur Ingi Ásgeirsson
Photo by Cat Gundry-Beck

Plaio is an Icelandic software startup that digitizes demand, manufacturing, and purchase planning for generic pharmaceutical manufacturers, for agile manufacturing operations and precision product output. The company announced it’s $2.25M pre-series A investment round by Frumtak Ventures.

Plaio was founded by Jóhann Guðbjargarson in May, building on a years-long R&D process focused on the specific needs of generic pharmaceutical manufacturers. Plaio has an experienced Pharma Supply Chain founding team and customers like MS Pharma and Coripharma, the latter of which has been validating the software for over two years. 

Plaio say that their software accounts for the many variables, and strict, but ever-evolving, regulatory and compliance requirements of pharmaceutical manufacturing processes, and has implemented them into a visual, predictive, and interactive software. Production planners can rely on PLAIO’s inbuilt Copilot, which uses AI technology to support, rather than dictate, planning strategy with optimisation and automation suggestions, and visualises how each decision will impact the entirety of the planning processes.

Screenshot from Plaio’s software

“Plaio provides the accuracy, predictability, transparency and precision forecasting missing from the current demand, manufacturing and purchase planning processes, which, until now, were shockingly manual and spreadsheet-driven, and marred by inefficiencies and human error,” says Jóhann Guðbjargarson, PLAIO’s Founder and CEO.

“Plaio’s deep knowledge of Pharma Supply Chain and the cost sensitivities within the generic pharma industry will be invaluable to the digitisation and modernisation of the pharmaceutical industry,” says Svana Gunnarsdóttir, Managing Director of Frumtak Ventures. “The team’s early success in providing much needed planning visibility and transparency to pharma manufacturers has the potential to help ensure the right products get to the right places at the right time in the most cost efficient and sustainable ways possible.”

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