- Labviva announced it raised $20 million. These are the details.
Labviva – an AI-driven life sciences digital marketplace that simplifies and scales purchasing processes – announced that it has secured $20 million in Series A financing led by Biospring Partners with participation from existing investors Senator Investment Group, B Capital Group, and Glasswing Ventures. This Series A funding round brings the total amount raised since inception to $30 million.
This funding round will be used for accelerating the deployment of Labviva’s platform with several pharmaceutical and academic customers. And Labviva provides an easy-to-use SaaS platform and marketplace that unifies the interface for product discovery and procurement and seamlessly connects suppliers, purchasers – which will enable scientists to make better purchasing decisions. The company plans to use the funding to expand its global footprint and launch new and complementary product lines. Plus Biospring Partners co-founder and managing partner Jennifer Lum will join the Board of Directors at Labviva.
Labviva’s business-to-business e-commerce marketplace enables life sciences and research organizations to manage organizational purchasing and procurement to accelerate the pace of life science research. With artificial intelligence, Labviva’s platform integrates directly with leading procurement systems like SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa to reduce research delay risks and shorten implementation times.
Labviva provides access to thousands of suppliers and more than 15 million products. And the company supports custom user, department, and location approval structures with notifications, and tracking and reporting tools for providing real-time visibility by integrating directly with buyers’ internal and third-party software solutions.
Early in development, Labviva had partnered with a global large pharma company and its suppliers to optimize its procurement processes, solving problems & addressing gaps through the utilization of Labviva’s platform. And Labviva was able to enhance the client’s supply chain resiliency and offer scientists with self-sourcing capabilities through easy access to products from an expanded supplier base.
Labviva is able to enhance supplier management capabilities through spend categorization and big data analysis and increased transaction process efficiencies and catalog orders by aligning with different departments to consolidate catalog management services, with API integration with the global large pharma’s IT and its suppliers’ e-commerce systems.
Labviva offers a digital marketplace for life science companies and researchers, connecting suppliers of reagents, chemicals, and instrumentation. And the team has created a unique relationship between scientific content and products across hundreds of brands and suppliers resulting in a seamless onboarding and purchasing experience.
KEY QUOTES:
“Our customers trust us to manage hundreds of millions of dollars in laboratory and research spend annually. Labviva helps manage a company’s spending, giving customers back control, with real-time purchasing insights to realize significant hard cost savings while providing the scientific and technical staff with the product content and scientific insight to improve the speed and quality of their product selection process. 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.”
— Siamak Baharloo, CEO & Co-Founder, Labviva
“Labviva’s procurement solutions returned our organization’s focus to strategic initiatives and scientists to their core work by enhancing system and process agility and collaborating with internal groups and our key suppliers to address challenges. Labviva’s platform reduced our scientists’ workload through the development of a customized user interface and training program for order management activities.”
— Director of Procurement, Global Large Pharma Company
“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.”
— Jennifer Lum, Co-Founder & Managing Partner, Biospring
