Minimise errors in pharmaceutical processes and reduce risks
Tyrolean start-up Innerspace secures € 5.7 Million for Further Expansion to the USA
The Innsbruck-based tech start-up Innerspace, which enables risk assessment of production processes and effective training of cleanroom personnel for leading pharmaceutical companies using software and virtual reality (VR), can advance its growth trajectory after a highly successful funding round. In July, U.S. investor Riverside invested in the Tyrolean company. Just days before the year-end, Innerspace finalized a substantial seed round with the new lead investor Matterwave Ventures. The existing three investors, MAD Ventures, aws Gründungsfonds, and High-Tech Gründerfonds, also reinvested.
"The significant interest from investors naturally reaffirms our successful path. Digital twins for process design and training are essential for critical manufacturing processes. We already count several of the world’s largest pharmaceutical companies among our customers and will multiply both revenue and the number of customers in the coming years", Walter Ischia, CFO of Innerspace.
"Innerspace enables its customers to avoid quality problems and minimize production-related contamination risks. We were impressed by the team’s accumulated expertise in one of the most highly regulated industries. The technology allows for significant process improvements and, consequently, substantial customer benefits", Benedikt Kronberger, Partner at Matterwave Ventures.
With the fresh capital, Innerspace will expand its international market presence and further develop its unique “Frame-by-Frame” technology. The Tyrolean company will focus even more on the large growth market in America in the future. Numerous renowned pharmaceutical companies worldwide already trust the company’s expertise.
"The necessary care and precision in pharmaceutical manufacturing have so far eluded simple digitization approaches. With our proprietary Frame-by-Frame approach, we break down this barrier. Design, development, and training of any manufacturing process can now be done in the digital twin. This saves a tremendous amount of time and money while increasing process security and quality", Sebastian Scheler, Co-founder and Chief Methodologist of Innerspace.
Innerspace also achieved another milestone in its young corporate history in the past fiscal year: The globally operating “Parenteral Drug Association” (PDA), with more than 10,500 members, and Innerspace announced a long-term strategic partnership for the development of globally recognized PDA training courses. This close cooperation includes the use of Innerspace technology, i.e., VR simulators with Frame-by-Frame risk profiling functions, in PDA’s standard training programs. The goal of this partnership is to offer a series of training courses for professionals in the pharmaceutical and biopharmaceutical industry worldwide.
"These courses include essential VR modules that are not only much more effective and immersive than traditional methods but also provide a wealth of data on how people learn more or less easily and where risks exist that can be optimized through more training or process redesign", Sebastian Scheler.
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