PBR Life Sciences, a life sciences and healthcare, big data aggregator has raised $1M to transform healthcare in Africa through Artificial Intelligence (AI) and Machine Learning (ML).
The pre-seed funding was from Launch Africa, Microtraction, Kaleo Ventures, Octerra Capital, Marula Square, XA Africa, ARM Labs, and Techstars, underscoring the global significance of its innovative approach to healthcare big data and analytics.
According to Ayodeji Alaran, CEO and Founder, “Being backed by some of the most reputable venture capital investors and angels in Africa not only inspires us as a team to do more but further validates the vital need to close the gap of inadequate real-world, healthcare big data that will power AI and innovation for the sector whilst unlocking global life sciences growth that will be powered by the region.”
“This will unlock value for the least understood healthcare and unmet needs in Africa and the rest of emerging markets,” he added. “With this fresh capital, we are now well positioned to achieve our ambitious growth plan, with a laser focus on profitability,” he concluded.
Founded by Ayodeji Alaran, a University of Lagos-trained pharmacist and a London Business School MBA alumnus, PBR Life Sciences pivoted into big data and analytics in 2021 after identifying significant gaps in the industry. Today, it offers pharmaceutical, medical device and consumer healthcare companies, health tech startups, consulting firms, multilateral agencies, and research institutions in Africa, Europe, America, and Asia fast and easy access to high-quality, real-world healthcare data and market insights.
Led by the former executive at GSK, Pfizer, and AstraZeneca, PBR Life Sciences only offered data and insights about the Nigerian healthcare market but has now pioneered AI infrastructure using anonymized healthcare data in Africa. The startup has grown significantly within the past year; revenue has grown by 200%, its proprietary big database now includes data points on more than 50 million pharmaceutical products, over 10,000 brands and insights on the market performance of more than 1,500 companies. Its AI infrastructure now transforms millions of data in minutes as opposed to months.
The company was one of the twelve (12) startups that participated in the second cohort of the ARM Labs Lagos Techstars Accelerator programme. Its real-world data-as-a-service platforms help its users and clients make data-backed decisions on product pricing, forecasting, new product development, disease and treatment interventions, healthcare financing and company strategy.
“We are proud to have supported PBR Life Sciences through the ARM Labs Lagos TechStars Accelerator Program, where they demonstrated exceptional vision and execution,” said Damilare Mesimo at ARM Labs. “This milestone reflects their ability to leverage real-world data and AI to transform decision-making in the life sciences sector. At ARM Labs, we remain committed to nurturing startups like PBR that drive impactful solutions, and we are excited to see their continued growth and expansion across Africa and beyond.”
The investment will help the company scale its data-as-a-service platforms in Nigeria. It will also aid its expansion into Ghana and Kenya to replicate its already proven business model. The company is looking to deepen its offering as a multivariate, multichannel healthcare real-world big data analytics, technology, and consulting provider in Africa and other emerging markets, supporting the life sciences industry.
The pharmaceutical and life sciences industry in emerging markets, such as Asia, Africa, and Latin America worth $281billion, is expected to see higher growth rates, often exceeding 8-10% annually, compared to 3-5% in developed markets and yet, these are the regions with the least amount of real-world big data to aid effective commercial planning and clinical research. PBR Life Sciences is working to close this gap by being a leading provider of real-world, healthcare big data and analytics in emerging markets by the year 2030.
Uwem Uwemakpan, Head of Investments, at Launch Africa, “PBR’s innovative approach to addressing a critical healthcare challenge in Africa, combined with its strong founding team and substantial market opportunity, establishes it as a key player in enhancing healthcare delivery on the continent. We are excited to be part of this journey.”