A new blockchain-based cryptocurrency called Zmedica Pharmaceuticals has raised a record $11.5 million in new funding led by the world’s biggest pharmaceutical company, ZMedica Ventures, in a new round led by Shire Pharmaceuticals, the largest pharmaceutical company in the world.
Zmedica, the blockchain-powered company behind the ZMedicine platform, aims to make generic drugs affordable to a wider audience.
The company is building an open-source blockchain platform, which will help it expand its business and accelerate growth, according to its website.ZMedica’s chief executive officer, Matthew Dziczek, has been named chief executive of Shire.ZMD, a blockchain-driven pharmaceutical company from India, has raised $10.6 million in a Series A round led to by Shuey Ventures.
The firm is focused on helping the Indian pharmaceutical industry move forward, according its website, and has received over $1.2 million in Series A funding, according a spokesperson for Shueys Ventures.ZMA is seeking a $10 million seed round from Shire Ventures, which is led by billionaire entrepreneur Elon Musk, who invested $10 billion in PayPal, Tesla Motors and SpaceX.
Zmd is also working with global drugmakers to help them scale up their production capabilities, said the spokesperson.
“The platform will enable pharmaceutical companies to deliver the most innovative and cost-effective drugs for their patients in the shortest possible time,” said ZMD founder and CEO Vimal Shah.ZMEDica was founded in 2016 by Shah, ZMD CEO Dr. Pranav Gupta and Shire’s CEO, John Kavulich.
ZmMedica, Zmedic and ZmMedic’s other founders include former Microsoft CEO Satya Nadella and former Microsoft chief financial officer, Brian Chesky.
ZMedics first product was developed for the drug industry.
Shire Ventures led the $1 million Series A financing round, according the company’s website.