SmartGateVC invests in Modicus Prime, process & quality control for biotech research & manufacturing
Updated: Oct 11, 2021
Armenia Startup Academy is excited to announce that SmartGateVC has invested in Modicus Prime, a participant company of Academy Traction Program Batch 2. Modicus Prime builds first-in-class self-service data processing software based on AI to enable effortless, cost-efficient and timely process control for biotech research and manufacturing. Modicus Prime is solving AI/ML challenges in the life sciences for commercial real-time decision making, patient and product characterization, and anomaly detection through client-driven AI software tools. Their Self-Service AI software places cutting-edge AI where it belongs: in the hands of Life Sciences domain experts themselves. The result is real-time AI processing of any data - from biologic morphology analysis to commercial contamination detection - without the requirement of data scientists.
Currently tapping into the Global AI market in Pharma, which is projected to reach $5B+ with a steady annual growth of 40-60% through 2025, Modicus Prime is partnering with top industry players in AI Self-Service process control, further expanding into adjacent functional areas, and revolutionizing image processing for Biopharma industries.
The global company was recently accepted into the Traction Program initiated by Catalyst Hi-Tech and Entrepreneurship Development Foundation and supported by the EU4Business “Technology Development for Armenia” project, is collaborating / in conversations with a number of top 10 Pharma companies, and is in the process of establishing its R&D capacities in Armenia.
Taylor Chartier, Founder and CEO of Modicus Prime, mentioned, “Our Self-Service tools augment biotech end users’ domain expertise with AI capabilities while working in tandem with their daily routines. We are pleased to be developing such technology alongside scientists in Big Pharma to directly address the unmet needs of pharmaceutical research, product development and commercial manufacturing. SmartGateVC’s invaluable network and resources are fueling our expansion into the greater biotech community.”
“Modicus is bringing the era of predictable manufacturing for biotech,” says Vazgen Hakobjanyan, Partner at SmartGateVC.
“While our firm increases its exposure to AI-enabled healthcare and biotech, Modicus Prime will become one of the cornerstones in the direction alongside other our portfolio companies.We are excited for the journey ahead with Taylor and the team for bringing AI to boost efficiency and safety for pharma companies,“ says Ashot Arzumanyan, Partner at SmartGateVC.
Hambardzum Kaghketsyan, Partner at SmartGateVC, added “Kudos to Taylor and the team for pushing the edge and inspiring the next generation of entrepreneurs.”
Jack Topdjian, Founder and Managing Director at Healthcare Equity Angels, joined the round as an angel investor. Jack has been a practice leader in Healthcare and Technology at McKinsey and PwC with a focus on strategy, digital capability building and innovation in healthcare. His extensive industry experience spans from entrepreneurship, private equity to high tech and consulting. He mentioned, “Drug manufacturing safety is an area that we hear of when it hits headlines. With Modicus, we are applying AI to move the process from a sampling error-prone process to that of errorless totalquality control.”
About SmartGateVC
SmartGateVC is a California and Armenia-based pre-seed venture capital fund backed byTim Draper and seasoned tech investors, entrepreneurs and professionals. Our key focus areas are Artificial Intelligence (AI) infrastructure, AI-enabled SaaS, IoT, and Biotech across California, Massachusetts, NYC, Armenia, and wider Eastern Europe.
About Armenia Startup Academy
Armenia Startup Academy is an entrepreneurship and startup education programme aimed to prepare startups to raise pre-seed capital as well as expand to local and global markets through its Pre-acceleration and Traction programmes. The Academy Pre-acceleration programme guides prototype-stage startups through idea validation, customer development, go-to-market strategy, and pitching. The Academy Traction programme is a mentorship-based growth programme designed for companies that have managed to gain initial traction, and need support on intensifying it.
Throughout the 6 cycles of the Armenia Startup Academy Pre-acclerator and 1 cycle of the Traction programmes, 112 startups and 266 entrepreneurs have been involved and a network of 100+ high profile professionals and mentors have been engaged with the companies. The programme alumni have already raised more than €4M in the form of VC and angel investments, got accepted to global top startup programmes including Y Combinator and Berkeley SkyDeck and have created over 150 jobs.
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