Multiply Labs raises $75 million
Multiply Labs, a San Francisco-based robotics startup that builds machines to automate manufacturing for complex drugs, has raised $75 million in a Series B funding round. The round was led by NantWorks.
Other investors in the round include AstraZeneca, Lux Capital, and Founders Fund.
Multiply Labs was founded in 2016 by Fred Parietti, who is the company's CEO. The startup develops robots for manufacturing complex medicines, including gene therapies and mRNA treatments, which are still largely made manually in laboratories. The company says its robots are used by drugmakers such as AstraZeneca and Legend Biotech at their own facilities.
The company said its total funding now stands at more than $100 million. Multiply also generates revenue from cartridges used in its machines as well as service and support.
The new funding comes as Multiply seeks to scale its robotics platform for drug manufacturing. According to CEO Fred Parietti, the company aims to make drug production faster, more scalable, and less expensive.
"Someone has to make the drugs," Multiply CEO Fred Parietti told Business Insider.
