Upkara announced that it has secured $9 million in Series A funding, including additional investment from prominent businessman and philanthropist, Bill Parfet, along with industry veteran, Paul Meister, former Chairman of Thermo Fisher Scientific.
Upkara accelerates its mission to eliminate cold chain reliance and improve global health equity through the use of innovative biomolecule stabilization technology
ANN ARBOR, Mich., May 16, 2023 /PRNewswire/ -- Upkara, a leading biomedical technology company, announced today that it has secured $9 million in Series A funding, including additional investment from prominent businessman and philanthropist, Bill Parfet, along with industry veteran, Paul Meister, former Chairman of Thermo Fisher Scientific.
Upkara’s patented technology is revolutionizing the way biomedical industries tackle cold-chain challenges by eliminating them. By enabling ambient temperature storage and transportation of therapeutic and research tools, Upkara’s breakthrough biopreservation technology has far-reaching applications in reagents, biobanking, and human health, and has the potential to significantly improve access to vital therapeutics and research tools.
Upkara is currently collaborating with reagent companies to incorporate its technology into manufacturing processes. Biomolecules stabilized by the Upkara process can be stored and shipped at ambient temperatures, reducing waste, increasing efficiency, and improving sustainability. As such, Upkara-stabilized reagents provide significant cost savings to manufacturers while enhancing customer appeal.
“We are thrilled to have the continued support of Bill Parfet, who has been an invaluable partner to Upkara since his initial investment,” says Upkara Founder and Professor Pravansu Mohanty. “His extensive experience and expertise in the industry have been instrumental in helping us bring our technology to market, and we are grateful for his ongoing commitment to our mission.”
Paul Meister, former Chairman of Thermo Fisher Scientific, also recognizes the transformative potential of Upkara’s technology. “I am excited to partner with Upkara, whose unique solution has the potential to transform the biomedical industry,” he says. “Upkara’s technology has the potential to improve sustainability, reduce waste and increase research efficiency across the entire life science’s industry, and, ultimately, ameliorate patient outcomes and global health equity by facilitating global distribution of pharmaceuticals.”
With the additional investment, Upkara is poised to accelerate its growth trajectory, continue to develop and commercialize its groundbreaking technology, and make an even greater impact in the field of biomedical technology and biopreservation.
“We are thrilled to have the support of Paul Meister and Bill Parfet as we work to bring our technology to a wider audience and revolutionize the industry,” added Mohanty. “Their investment and expertise will help us achieve our mission of improving access to vital therapeutics and research tools.”
For more information about its innovative biopreservation technology or partnering with Upkara, visit upkara.com.
ABOUT UPKARA
The dream of creating technologies to advance health equity was born from a think tank founded by University of Michigan Professor Pravansu Mohanty. In early 2022, Upkara, Inc. emerged from the incubator with the aim of commercializing a novel biopreservation technology. Today, Upkara is revolutionizing the biomedical industry with its innovative biopreservation technology that improves access to therapeutics and research tools by enabling ambient temperature storage and transportation. Imagine what you can accomplish when you break free from the cold chain.
MEDIA CONTACT
Laura Bronsart
(734) 215-5345
lbronsart@upkara.com
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SOURCE Upkara
