Labviva to accelerate life sciences procurement platform deployment with $20m funding
Labviva, a US-based life sciences digital marketplace, has raised $20 million in a Series A financing round to transform the life sciences procurement industry, leveraging artificial intelligence (AI).
The company anticipates to use the proceeds from the round to increase its global presence as well as introduce new and complementary product lines.
The proceeds from the round will also be used to deploy Labviva’s platform for many pharmaceutical and academic customers worldwide.
Labviva offers SaaS platform and marketplace for life science companies and researchers to manage organizational purchasing and procurement, connecting suppliers of reagents, chemicals, and instrumentation.
Labviva’s platform, driven by AI, integrates directly with procurement systems such as JAGGAER, SAP Ariba, Microsoft Dynamics 365, Oracle Procurement Cloud, and Coupa.
Siamak Baharloo — Labviva Co-Founder and CEO said: “By aggregating hundreds of product catalogs for a seamless search, discovery and shopping experience, our platform integrates with existing procurement systems, to empower the purchasing departments to take control of their spend, provide greater visibility of purchasing trends and increase compliance with procurement processes within a comprehensive and customized internal marketplace.”
The Series A funding was led by Biospring Partners, with participation from existing investors B Capital Group, Senator Investment Group, and Glasswing Ventures.
Jennifer Lum — Biospring Co-Founder and Managing Partner said: “We’re thrilled to support Labviva, as they revolutionize the life sciences procurement industry.
“Labviva is the only procurement solution built by scientists for scientists, with research outcomes considered at every step of the way.
“Labviva has an immense market opportunity to create a new category around spend culture for life sciences companies and research organizations.
“With Labviva’s platform, companies can gain visibility with real-time spend insights to make informed decisions before approving purchases, not after.”
The latest funding takes Labviva’s total amount raised to $30 million since its inception.