Labviva, a Boston, MA-based AI-driven life sciences digital marketplace that simplifies and scales purchasing processes, announced that it secured $20 million in Series A financing, bringing the total amount raised since inception to $30 million.
The round was led by Biospring Partners, with participation from existing investors Senator Investment Group, B Capital Group, and Glasswing Ventures. In addition, Jennifer Lum, co-founder and Managing Partner of Biospring Partners will join the Board of Directors at Labviva.
The funds will be used to accelerate the deployment of Labviva’s platform at a number of global pharmaceutical and academic customers. It will also use to expand its global footprint and launch new and complementary product lines.
“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,” said Siamak Baharloo, CEO & Co-Founder, Labviva. “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.”
Labviva provides an easy-to-use SaaS platform and marketplace that unifies the interface for product discovery and procurement and seamlessly connects suppliers, and purchasers, allowing scientists to make better purchasing decisions.
The company’s B2B e-commerce marketplace enables life sciences and research organizations to manage organizational purchasing and procurement to accelerate the pace of life science research.
Driven by AI, Labviva’s platform integrates directly with leading procurement systems such as SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa, to shorten implementation times and reduce the risk of research delays.
Company: Labviva, Inc.
Raised: $20.0M
Round: Series A
Funding Month: March 2023
Lead Investors: Biospring Partners
Additional Investors: Senator Investment Group, B Capital Group, and Glasswing Ventures
Company Website: https://www.labviva.com/
Software Category: AI-driven Digital Marketplace
About the Company: Labviva is the largest life sciences digital marketplace that connects researchers with suppliers of reagents, chemicals, and instrumentation in an intuitive, user-friendly platform that is built for scientists by scientists. Labviva provides a digital marketplace for life science companies and researchers, connecting suppliers of reagents, chemicals, and instrumentation. Suppliers can easily manage the content of their products, and products are mapped into scientific applications, techniques, and protocols. The company’s mission is to accelerate the pace of life science research by connecting suppliers, purchasing departments, and scientists through AI.
Source: https://www.businesswire.com/news/home/20230327005007/en/Labviva-Secures-20M-in-Series-A-Financing-to-Transform-the-Life-Sciences-Procurement-Industry-Using-AI