Reykjavík-founded PLAIO, an AI-assisted decision support platform for the pharmaceutical industry, has secured €4.3M in an oversubscribed funding round.
The funding follows the company’s €2.7M pre-Series A round in 2021 and €400K injection from the Icelandic Technical Development Fund in 2023.
The current round was led by Iðunn, a VC fund managed by Kvika Asset Management, with continued support from Frumtak Ventures and Dr. Agon. With this deal, Iðunn’s investment manager, Pétur Richter, and Andri Sveinsson of Dr. Agon will join PLAIO’s board of directors.
Iðunn has previously invested in Icelandic healthcare and pharmaceutical innovators, including the European pharmaceutical firms Coripharma and EpiEndo Pharmaceuticals, as well as the employee mental health and wellbeing platform Kara Connect.
Pétur Richter, leading the investment from Iðunn, says, “PLAIO is standing at the forefront of a critical shift in the pharmaceutical industry, and I’m delighted to be joining the board at such a significant time for the company.”
“AI, while touted by the masses as the solution to many of the problems faced by the everyday worker, the pharmaceutical industry remains unprepared for this digital transition. PLAIO’s dedication to solving this issue aligns perfectly with our investment philosophy, and we are extremely excited to support the company’s mission.”
Capital utilisation
PLAIO, co-founded by industry veterans and academics with over 25 years of experience in the pharma supply chain sector, is the “world’s first” AI-enhanced sales, operations, and supply chain planning solution specifically for the pharmaceutical industry.
PLAIO will use the funds to scale its operations in the US and Europe, enhance the platform’s AI Coplanner, and strengthen both new and existing industry partnerships to solidify its market leadership in AI pharma planning solutions.
Prediction & AI Visual planning tool for the pharmaceutical industry
Despite the pharmaceutical industry’s commitment to adopting Pharma 4.0 and digital technologies like AI, 95 per cent of pharma companies still rely on outdated spreadsheets for supply chain planning, according to PLAIO’s research.
Before PLAIO was founded in 2021, no market leader existed to support the mid-market segment in pharma planning, claims the company.
PLAIO was created to address this gap, offering a solution that integrates Sales and Operations Planning (S&OP) with Enterprise Resource Planning (ERP) systems while incorporating advanced AI.
The company’s platform combines predictive modeling with user-friendly interfaces, using AI to optimise the sales and operations cycle. Its AI Coplanner features a natural language interface, enabling pharma professionals to perform scenario analyses, streamline manufacturing processes, and enhance overall efficiency.
Unlike traditional tools that require extensive customisation and are often inaccessible to mid-market pharma companies, PLAIO offers a streamlined solution specifically for the pharmaceutical industry. It is designed to meet users’ day-one needs right out of the box, minimising implementation time.
Leveraging Iceland’s robust pharma sector, PLAIO provides an intuitive platform that enhances communication, reduces inefficient workflows, and improves data accuracy for forecasting, procurement, and production scheduling.
Over the past year, PLAIO’s client base has expanded by 200 per cent which includes notable companies like Covis Pharma, Alvotech, and Camarus.
Johann Gudbjargarson, founder and CEO of PLAIO, says, “We founded this company with a clear mission: to transform the outdated and inefficient methods that dominate pharmaceutical supply chain planning. With more than 25 years of experience in the industry, I have witnessed first-hand the intricate nuances and complications that pharma companies face every day.”
“That is why we started this journey, and, as interest and adoption of AI continues to grow, we’re experiencing exponential growth and a remarkable level of newfound interest, with strong sales conversions.”
“We have big dreams for the future of the company and this latest funding is just another indicator that we’re doing the right thing. We’re now more energised than ever to bring PLAIO’s transformative power to a global stage!” adds Gudbjargarson.
PLAIO was founded by Johann Gudbjargarson, a seasoned expert in enterprise solutions for supply chain optimisation; Árni Hrannar Haraldsson, a long-standing pharma specialist; and the University of Reykjavik professors Hlynur Stefansson and Eyjolfur Ingi Asgeirsson.
01
These are the top UK-based PR agencies for startups and scale-ups in 2025