A life sciences supply chain company has raised nearly $100 million in its latest financing round.
North Reading, Massachusetts-based TraceLink said earlier this week that it had raised $93 million in a Series D financing, led by Georgian Partners, along with participation by new investors Vulcan Capital and Willett Advisors and existing investors FirstMark Capital, Volition Capital, F-Prime Capital and Goldman Sachs. The latest funding round brings the total amount of investments TraceLink has raised since its 2009 founding to $167 million.
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TraceLink operates a digital track-and-trace network that connects more than 270,000 drug companies, wholesale distributors, third-party logistic providers, parallel importers, repackagers, hospitals and pharmacies. Its own customers comprise more than 930 such companies, including contract manufacturing organizations. The company describes its aim as addressing fragmented and manual information-sharing processes that cause more than $100 billion per year from drug diversion, revenue leakage and operational inefficiencies.
The company said it would use the money to expand its business into supplier collaboration, patient communities, personalized medicine, predictive care and gene therapies, as well as reinforcing research and development and service segments to support its customer base.
“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 platfomr for information sharing and predictive analytics,” TraceLink CEO Shabbir Dahod said in a statement.
Blockchain technology – originally developed in connection with cryptocurrencies – has lately emerged as a potential means to provide security in various parts of the healthcare system. In July, the Icahn School of Medicine at Mount Sinai and the Institute for Next Generation Healthcare opened the Center for Biomedical Blockchain Research, with the aim of developing partnerships with companies looking to apply the technology to clinical medicine and biomedical research. The same month, New York-based Embleema emerged from stealth to launch a blockchain-based health record system designed to ease secure sharing of patients’ medical records.
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