Life science supply chain firm Tracelink raises $93mn in new funding
The world’s largest track and trace network for connecting the life sciences supply chain, Tracelink, has raised $93mn in a new funding round, taking its total funding to date to $167mn.
Funding for the company, which also provides real-time information sharing for better patient outcomes, was led by Georgian Partners, with new investors Vulcan Capital and Willett Advisors LLC, and participation by all existing investors.
They were: FirstMark Capital, Volition Capital, F-Prime Capital and Goldman Sachs. TraceLink has also announced that Tyson Baber from Georgian Partners has joined its Board of Directors.
Tracelink said the funding will fuel the digitalisation of the global pharmaceutical supply chain through the integration of real-time information-sharing, in order to create a highly predictable supply chain for the industry.
Specifically, the capital will enable TraceLink to expand into adjacent application areas, such as supplier collaboration, patient communities, personalised medicine, predictive care and gene therapies.
TraceLink will also use the funds to further reinforce its R&D and services organisations to support its rapidly growing customer base of 930+ pharmaceutical manufacturers, contract manufacturers (CMO), wholesaler distributors, third party logistic providers (3PL), hospitals and pharmacies.
“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,” said Shabbir Dahod, president and CEO, TraceLink.
“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.”
Tyson Baber, Partner, Georgian Partners, commented, “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.”