Labviva: Powering Life Sciences Procurement Using AI
The use of AI in life sciences is projected to reach US$11bn by 2033, driven by pharmaceutical and biotech companies integrating AI into their operations.
According to MIT Technology Review Insights, the life sciences sector is increasingly investing in AI to enhance research, legal processes and drug discovery.
To this end, Labviva, an AI-powered procurement platform designed specifically for life sciences, applies AI to improve procurement processes, helping laboratories optimise purchasing, track supply chains and manage inventory more effectively.
By reducing manual effort, the platform enables researchers to save time and cut costs while maintaining compliance with procurement policies.
Expanding capabilities and market reach
Founded in 2017 by Siamak Baharloo and Nicholas Rioux, Labviva has experienced significant growth over the past 12 months, doubling revenue and tripling transaction volumes on its platform.
The firm recently closed a US$25m Series B funding round led by 53 Stations, bring its total raised to US$55m. In the process, Jason Pritzker, 53 Stationsâ Co-Founder and Managing Partner, joined Labvivaâs Board of Directors.
Existing investors Biospring Partners, B Capital Group and Glasswing Ventures continued to give their backing, reflecting strong demand from the biopharmaceutical sector for automated supply chain and procurement solutions.
It plans to use this latest cash injection to develop additional product capabilities, enhance marketing and customer support and expand internationally.
âSuccessful AI companies deliver enormous efficiencies with the right balance of speed, scale and human-AI collaboration," says Jason. "This year, Labviva did just that, transitioning from the industryâs âbest kept secretâ to the go-to resource for accelerating the pace of science.
"Labviva is transforming supply chain and procurement for life sciences and Iâm delighted to help guide and support their next phase of growth."
AI adoption in life sciences procurement
Labviva connects suppliers, procurement teams and researchers through AI-driven automation.
The platform aggregates 90% of life science suppliers, allowing buyers to compare products and prices efficiently. It supports sourcing from large suppliers as well as smaller, local and green-certified businesses, helping organisations meet sustainability and supplier diversity goals.
Labviva integrates with major procurement systems, including SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365 and Coupa. This flexibility enables organisations to incorporate AI-driven procurement without overhauling existing systems.
“We’ve been laser focused on building close customer and supplier relationships and deploying solutions that drive instant, long-term results," explains Siamak, who leads Labviva as CEO. "This strategy paid off because today, we’ve reached an inflection point that positions Labviva for massive growth.
"With 53 Stations’ deep operational expertise, support from The Pritzker Organization and continued backing from other investors, we plan to thrive by fuelling new innovations, driving customer success and entering new markets."
By modernising life sciences procurement, Labviva provides researchers and procurement practitioners with the tools required to optimise supply chains, reduce costs and accelerate scientific progress.
As demand for AI-driven solutions continues to grow, Labviva finds itself well positioned to scale innovation and expand its global presence.
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