Multiply Labs Raises $75 Million in Series B Funding
Multiply Labs, a San Francisco-based company specializing in automated manufacturing technology, announced a successful Series B funding round, raising $75 million. The round was led by NantWorks, with significant participation from a diverse group of investors, including AstraZeneca Ventures, Lingotto, Legend Biotech, Fifty Years Ventures, Ora Global, Teradyne Ventures, Strange Ventures, Casdin Capital, Lux Capital, and Founders Fund.
Company Overview
Multiply Labs focuses on the development of robotic manufacturing systems designed to produce personalized pharmaceutical products. The company's technology allows for the automated production of individualized medication, aiming to improve efficiency and precision in the pharmaceutical industry.
Leadership Insight
Fred (Federico) Parietti, Co-Founder and CEO of Multiply Labs, emphasized the importance of this funding in advancing their mission. "This investment will enable us to scale our technology and broaden our impact on personalized medicine," Parietti stated.
Use of Funds
The newly acquired funds will be directed towards expanding Multiply Labs' manufacturing capabilities and further developing their automation technology. This expansion aims to enhance the production of customized pharmaceutical solutions, potentially transforming how medications are manufactured and distributed.
Investor Participation
The Series B round was spearheaded by NantWorks, a leading investor in healthcare and technology. Other notable participants included AstraZeneca Ventures and Legend Biotech, highlighting the growing interest in Multiply Labs' innovative approach to pharmaceutical manufacturing.
Multiply Labs continues to position itself as a key player in the automation of drug manufacturing, with this latest funding round underscoring the industry's confidence in their technology and vision.