The Venture Codex

Participated · Series C · Oct 2021

SkyCell develops smart hardware and software for pharmaceutical cold-chain logistics, including insulated "smart containers" and a logistics platform called SkyMind. Its containers use machine learning and sensors to maintain strict temperatures, humidity levels, and vibration control, and the company has begun selling components such as its smart thermometer. SkyCell says its containers are on average about half as heavy as competitors’, which it equates to roughly 50% less CO2 from air transport. The company reports roughly 50% annual growth and moves about $2.5 billion worth of pharmaceutical products and ingredients per month. Customers include pharmaceutical companies and a large network of cargo partners. SkyCell plans to use the new funding to double down on work with companies operating in Asia and the U.S. SkyCell designs and manufactures insulated, “smart” transport containers for temperature-sensitive pharmaceuticals, underpinned by roughly 140 patents. Its latest container version can maintain conditions for up to 180 hours and is paired with an analytics platform that provides recurring revenue and shipment monitoring. The company says it now transports $1.5 billion of pharmaceutical products each month (finished and raw materials), representing hundreds of millions of doses. After pandemic disruptions, SkyCell reports a return to a 40–50% growth rate. The firm is focused on sustainability, aiming to transition to a CO2-neutral supply chain and reduce industry waste tied to disposable solutions. SkyCell is 10 years old and is choosing to remain focused on pharmaceuticals rather than diversify into other temperature-sensitive markets like food. SkyCell designs and manufactures self-charging hybrid containers that maintain stable temperature conditions, deflect shock, and protect temperature-sensitive pharmaceuticals on long journeys. Its containers include embedded IoT sensors and shipment monitoring software that provide worldwide tracking and near-real-time quality oversight. The startup positions its product to reduce risk in transporting biologics and other temperature-sensitive drugs. Following an investment by Lazard Asset Management, SkyCell says it is financially equipped to accelerate innovation and expand its global reach. The company emphasizes growth ambition as a global leader in temperature-controlled container solutions and a trusted partner to pharmaceutical companies worldwide. SkyCell develops smart containers and a SaaS solution (SECURE) to enable safe, secure, and sustainable transportation of temperature‑sensitive pharmaceuticals. Its hardware is designed to predict, reduce, and control risks associated with cold‑chain logistics while the SECURE platform provides end‑to‑end shipment oversight and automated approval capabilities. The company has expanded its global service footprint with new centers in locations including San Francisco, Philadelphia, Seoul, Rome, Toronto, Tokyo, and Ireland. SkyCell significantly increased headcount (45% growth since its previous funding round in April 2020) and is focused on converting a growing pipeline of global pharma and biotech clients. The firm plans to use new funding to grow sales teams, further differentiate its hardware and SaaS offerings, and improve client experience to become a preferred distribution solution for the cold chain. SkyCell builds insulated, instrumented "smart containers" and a software platform to maintain strict temperature, humidity and vibration conditions for pharmaceuticals in transit. Its containers withstand temperatures from -35°C to 60°C and the hardware and software are covered by about 100 patents. The company operates a logistics network using some 22,000 air freight pallets and says its failure rate is under 0.1% while cutting CO2 emissions on a typical shipment by almost half. SkyCell works with eight of the world’s biggest pharmaceutical companies and is in validation trials with another seven. The company was founded in 2012 in Switzerland and counts customers involved in COVID-19 therapeutics and vaccine development among its clients. New capital will be used to expand in the U.S. and Asia and to double its fleet to become the largest pharmaceutical-transportation company globally.

Led · Debt Financing · Mar 2021

Pure Harvest builds and operates high‑tech controlled‑environment farming solutions to reliably produce sustainably grown fresh produce in climates with difficult agricultural conditions. The company plans to use new capital to expand its footprint across the GCC and enter new markets in Asia, deploying growing systems in those markets. Pure Harvest will increase research and development spending and is investigating product extensions and water‑efficient CEA solutions for fodder production. The firm previously secured sizable R&D incentives from the Abu Dhabi Investment Office in 2020. Financially, Pure Harvest completed an oversubscribed USD $180.5 million growth financing, described as the largest‑ever convertible financing in the MEASA region, and is considering further upsizing with strategic investors. Pure Harvest Smart Farms is a technology-enabled controlled-environment agriculture (CEA) operator producing tomatoes, leafy greens and strawberries. The company currently operates three farms in the UAE and has fourth and fifth projects under development in Saudi Arabia and Kuwait. Upon final completion of the in-progress projects it will operate over 18 hectares of production capacity and employ over 300 people. Pure Harvest is positioning itself as the GCC’s homegrown CEA champion and is expanding its technology suite and crop range through a joint venture with PlanTFarm to add indoor vertical farming systems and 100+ commercially proven crops. The company plans to use new funding to finance existing GCC projects, drive R&D initiatives, expand its team and seed a beachhead in Asia. Pure Harvest Smart Farms, founded in Abu Dhabi, develops technology-enabled hybrid greenhouse growing systems to produce tomatoes, leafy greens and berries for local markets. The company focuses on ‘local-for-local’ production to enable fresh produce cultivation within the harsh climate of the Arabian Gulf and to improve regional food security. It is nearing completion of its third hybrid greenhouse in the Emirates, is constructing a beachhead in Saudi Arabia, and has announced a EUR 39 million expansion project in Kuwait. Pure Harvest says its production economics can beat the landed cost of comparable imported produce from European industrial greenhouses. The company plans to diversify its crop offering and advance R&D through partnerships, including work with the Abu Dhabi Investment Office. Capital raised will support capacity expansions, talent recruitment, R&D and new market entry. Pure Harvest Smart Farms builds and deploys technology-enhanced controlled-environment greenhouses to grow pesticide-free fruits and vegetables across the Middle East. The company plans to continue developing advanced greenhouse designs optimized for profitability and sustainability and to roll out its solution regionally, including in Kuwait. It intends to use new capital for growth, key hires, and to enhance its technology portfolio. Pure Harvest is simultaneously arranging structured debt financing alongside equity funding. The company first gained international attention as a participant in TechCrunch’s Startup Battlefield MENA competition. The recent funding push is intended to help the company achieve industrial economies of scale for next-generation greenhouse deployments. Pure Harvest Smart Farms develops high-tech, fully climate-controlled greenhouse production technology to grow vine crops (tomatoes, capsicum, strawberries, cucumbers, eggplants, etc.) in the extreme climates of the Arab Gulf region. Led by Co-Founder & CEO Sky Kurtz, the company is building a facility in Nahel, United Arab Emirates. It plans to complete the facility by mid-year and begin selling produce in the second half of 2018. The company intends to use the facility to demonstrate its technology and its ability to meet regional demand for fresh local produce, with plans to expand quickly across the region thereafter. Financially, Pure Harvest raised $4.5m in seed funding following an earlier $1.1m pre-seed round led by Shorooq Investments.