TraceLink has received new funding to support its effort to expand the real-time information-sharing network in order to digitalise the global pharmaceutical supply chain.
The investment round, which was led by Georgian Partners, yielded $93m. Georgian Partners was also joined by Vulcan Capital, Willett Advisors, FirstMark Capital, Volition Capital, F-Prime Capital and Goldman Sachs.
TraceLink expects that the information sharing will create a predictable pharmaceutical supply chain.
The company will also utilise the funds for expansion into other related areas, including personalised medicine, gene therapies, predictive care, patient communities and supplier collaboration.
In addition, TraceLink intends to boost its research and development (R&D) and Services organisations.
These reinforced entities will support the company’s growing customer base of more than 930 pharmaceutical and contract manufacturers, wholesale distributors, third party logistic providers (3PL), hospitals and pharmacies.
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TraceLink president and CEO Shabbir Dahod said: “As we continue to execute on our vision to build the digital supply chain, we are making strategic investments in machine learning, artificial intelligence and blockchain, ultimately delivering an open development platform for information sharing and predictive analytics.
“Georgian Partners’ deep expertise will significantly aid our efforts in bringing global information-sharing applications to market, driving the entire industry forward to solve critical business challenges through supply chain digitalisation.”
Georgian Partners partner Tyson Baber said: “The pharmaceutical industry is at a digital tipping point and TraceLink is in the ideal position to drive major advancements in this transformation with its information-sharing network platform.
“We are very excited to partner with TraceLink on its next phase of growth and look forward to helping guide the company on its journey to shape the future of the digital drug supply network, leveraging our experience and clients’ collective expertise in artificial intelligence and machine learning.”
The company’s network links more than 270,000 entities across the pharmaceutical supply chain.
The platform is expected to assist the life sciences industry in addressing fragmented and manual information-sharing.
Such manual sharing processes are said to result in more than $100bn annual losses due to drug diversion, revenue leakage and operational inefficiencies caused by lack of effective information exchange.