New funding led by ICONIQ Growth brings total raised to $207 million and signals investor confidence in Apprentice's market-leading technology
JERSEY CITY, NJ / ACCESSWIRE / March 20, 2023 / Apprentice.io, provider of one platform for life science manufacturers to turn molecules into medicine, today announced a new addition to the Tempo Manufacturing Cloud, the Connected Manufacturing Network. The leading cloud-native platform for pharma manufacturing execution also announced a $65 million investment led by new investor ICONIQ Growth, with meaningful participation from existing investors, Alkeon Capital Management and Insight Partners. Apprentice.io
Apprentice's disruptive technology helps life science manufacturers get therapeutics to patients faster by providing one platform to turn molecules into medicine.
Announcing the Connected Manufacturing Network
The Connected Manufacturing Network (CMN) is the newest addition to the company's product suite, the Tempo Manufacturing Cloud, and the first of its kind in-market.
Innovation in drug modalities like biologics and cell and gene therapies offer incredible new treatments but are meaningfully more complex and costly to produce. Existing infrastructure built for traditional modalities is rapidly becoming capacity and capability constrained. As a result, pharma manufacturing is more decentralized than ever.
Tempo improves operations at the site level by coordinating the materials, equipment, recipes, and personnel needed to plan, execute, test, and release a batch from one shared system. Using CMN, companies can now connect all sites together to view, manage, and accelerate the end-to-end drug production lifecycle.
With CMN, manufacturers can:
- Manage production across multiple internal and external manufacturing sites with real-time visibility
- Accelerate the drug product pipeline with centralized recipe management and optimization
- Expedite new product introduction by digitally conducting technical transfer
- Collaborate better with external partners with shared digital access to production runs and workflows for batch review and signoff
'Technology has finally advanced enough to meet the unique regulatory and quality requirements of the pharma industry,' said Angelo Stracquatanio, CEO & Co-founder of Apprentice. 'With CMN, our new funding, and our partnership with ICONIQ Growth, we have the product, services, and expertise to help customers thrive in a more complicated operating environment and make the cutting-edge medicine today's patients need.'
New Funding to Win the Pharma Manufacturing Technology Market
The funding follows a Series C round raised in January 2022, bringing Apprentice's total funding to $207 million. As part of the investment, Caroline Xie, General Partner at ICONIQ Growth, will join as a Board Advisor.
'Apprentice's growth is a testament to the critical role of advanced technologies in expediting the delivery of life-saving therapeutics to patients in need,' said Caroline. 'We firmly believe that Apprentice's cutting-edge solutions can accelerate the life sciences industry into the modern era and facilitate the transition to the therapeutics of the future. We're thrilled to be partnering with the Apprentice team to extend their impact globally.'
This financing caps off a stellar year for the company with 3.4x YoY Tempo revenue growth, 218% net customer retention, inclusion in Gartner's Manufacturing Execution System Magic Quadrant, and recognition on the Inc. 5000 and Deloitte Fast 500 as one of the fastest-growing companies in America.
Existing providers of manufacturing technology were built with on-premise architecture and will soon begin migrating their software to the cloud. This architectural shift will cause their install base to face considerable change. Apprentice will focus this new investment on expanding the sales, marketing, and customer success functions needed to help these companies make the transition from traditional on-premise providers to the Tempo Manufacturing Cloud.
Apprentice's disruptive technology helps life science manufacturers get therapeutics to patients faster by providing one platform to turn molecules into medicine. The company's Tempo Manufacturing Cloud accelerates the end-to-end drug product lifecycle by connecting together distributed teams and sites, helping them execute better on the shop floor, and sharing real-time enterprise-wide visibility. Learn how 15 of the top 20 US pharma companies use Apprentice to accelerate high-quality production of drugs for diseases of all types, from COVID to cancer, at www.apprentice.io.
ICONIQ Growth partners with visionaries defining the future of their industries to transform the world. Our investment platform and unique ecosystem help amplify our portfolio companies' success from early growth stage to IPO and beyond. Our portfolio includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. Elevated by our global community of founders, pioneers, and leaders, we are entrepreneurs backing entrepreneurs. For more information, please visit ICONIQGrowth.com.
Alkeon Capital is a global investment firm that invests in private and public growth and technology companies and category definers. With more than two decades of experience focusing on People and Innovation, Alkeon works closely with disruptive private companies to help them expand their addressable market, scale efficiently, and seamlessly crossover to the public markets. Alkeon's goal is to be a long-term and accretive partner to all its portfolio companies along their private and public journey.
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of Dec. 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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