Company’s Enterprise Gateway Marketplace is Transforming Life Sciences Procurement
Labviva, a leading SaaS application for healthcare procurement announced an $8M Series Seed capital raise to support further development of the platform with new product lines, including investment in operations and customer success platforms. The funding closed on June 2, 2021. Led by Senator Investment Group, with other new investment from B Capital Group | Ascent and continued participation from Glasswing Ventures which led previous rounds to date.
Recommended AI News: Brightcove And ByteArk Bring Superior New Media And OTT Technologies To Customers In Thailand
Labviva is an enterprise gateway marketplace (EGM) that integrates with major procurement solutions such as SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa. Organizations like pharmaceuticals and research institutions can coordinate their demand with the thousands of outside vendors who fulfill on the supply side. In addition, Labviva’s platform provides deep scientific insight about the products and allows customers to have access to advanced analytics typically not offered by incumbent suppliers.
The platform gives purchasers of lab supplies, reagents, consumables, and laboratory equipment the ability to source from any supplier in the extensive Labviva network without individually onboarding each vendor. Functionality like intuitive search and comparison shopping provides users with a consumer-like shopping experience in a laboratory setting.
“Because of their ability to penetrate some of the most well-known pharma, biotech, and research organizations in North America, we placed a high valuation on Labviva,” said Evan Lodes, Partner at Senator Investment Group. “The push for modernization across the procurement industry and in the life sciences vertical is stronger than ever. Labviva is leading in this space.”
“Having been an investor in Labviva since its inception, we recognize the team’s deep understanding of the buying process in the scientific space,” said Sarah Fay, Managing Director at Glasswing Ventures. “The platform the team has built promises to significantly optimize buying channels without disrupting business processes – a very appealing proposition to procurement directors.”
Unique to Labviva is a proprietary AI engine that offers scientific context. The platform connects researchers to suppliers of reagents, chemicals, and instrumentation products that are mapped to scientific applications and protocols. Researchers are able to easily understand if items are appropriate for their research. Updates are dynamic, as the engine constantly searches public databases for new citations and protocols.
Recommended AI News: Blockchain Coinvestors Announces New Advisory Board Members
At the same time, purchasing departments are ensured compliance, as their rules and governance remain in place. Procurement professionals are able to access advanced analytics to give visibility into spending metrics and trends. The platform reduces the process of manually uploading supplier product catalogs and the associated e-commerce data.
“We built the Labviva platform with full view of the life sciences ecosystem in mind,” said Siamak Baharloo, CEO and Co-Founder of Labviva. “We want to enable procurement and suppliers to be able to better work together, but at the heart of the technology is empowering scientists.”
This is the second major capital raise for Labviva, which was founded in 2017 by industry veterans Baharloo, Aaron Miramontes, and Nicholas Rioux. The company raised over $2M in pre-seed funding in 2020.
The Labviva approach helps improve the relationship between suppliers and manufacturers of life sciences products and enterprise purchasers. It also supports access to in-demand products by connecting more diverse pool of suppliers to scientists. The revenue model is subscription based.
Recommended AI News: Accenture Positioned as a Leader in Digital Strategy Consulting Services by the IDC MarketScape
Comments are closed.