Jun 22, 2021

Labviva Announces US$8mn Series Seed Capital Raise

Labviva
SAP
science
EGM
3 min
Labviva, a leading SaaS application intends to invest US$8mn into further development of its cutting-edge AI-enhanced procurement platform

 

Labviva, a leading SaaS application that acts as an enterprise gateway marketplace for the healthcare procurement industry, has announced an incredibly successful seed round. The company stated that in a round led by Senator Investment Group, with new investments from B Capital Group | Ascent, and continued participation from Glasswing Ventures, they had completed an US$8mn series seed capital raise. The proceeds from this latest round of investment will, apparently, be used to support further development of the platform with new product lines, which should include investment in operations and customer success platforms. 

 

What is Labviva?

Labviva is an enterprise gateway marketplace (EGM) that integrates with major procurement solutions such as Coupa, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and SAP Ariba. The leading pharmaceutical organisations and research institutions can get onto Labviva’s centralised platform and use it to coordinate their demand with the, in many cases, thousands of outside vendors who fulfil on the supply side. 

 

And, to top it off, Labviva’s platform enables companies to access deep-level scientific insight about the products that they might procure and allows customers to see advanced analytics that isn’t usually offered by incumbent suppliers.

The platform revolutionises the space by giving purchases of consumables, lab supplies, reagents, and laboratory equipment the ability to source from absolutely any supplier in Labviva’s ever-evolving network without the rigmarole of onboarding each vendor. 

 

‘Because of their ability to penetrate some of the most well-known pharma, biotech, and research organisations in North America, we placed a high valuation on Labviva’, said Evan Lodes, Partner at Senator Investment Group. ‘The push for modernisation across the procurement industry and in the life sciences vertical is stronger than ever. Labviva is leading in this space.’

 

‘Having been an investor in Labviva since its inception, we recognise the team’s deep understanding of the buying process in the scientific space’, said Sarah Fay, Managing Director at Glasswing Ventures. ‘The platform the team has built promises to significantly optimise buying channels without disrupting business processes – a very appealing proposition to procurement directors.’

 

What Powers Labviva’s Platform?

You might be still be wondering what Labviva’s unique selling point (UPS) is and why, exactly, their platform had such successful funding round versus its competitors. Labviva has a wholly unique proprietary AI engine that offers scientific context ─ something that many platforms do not provide. The platform connects researchers to suppliers of reagents, chemicals, and instrumentation products that are mapped to scientific applications and protocols. This function makes the platform more accessible ─ allowing researchers to easily understand if specific items are appropriate for the research that they’re conducting. 

 

Also, updates on the platform are dynamic, as its integrated AI continuously searches public databases for new citations and protocols in real-time. Another feature that many EGM platforms lack, which, though it may seem small, makes processes far more efficient for its users. 

 

Complying to Standards

Alongside handy features that boost effectiveness and efficiency for Labviva’s users, purchasing departments are guaranteed compliance as their rules and governance remain in place. And, to top it off, procurement professionals are able to use the previously mentioned advanced analytics to access spending metrics and purchasing trends. 

 

‘We built the Labviva platform with [a] full view of the life sciences ecosystem in mind’, said Siamak Baharloo, CEO and Co-Founder of Labviva. 'We want to enable procurement and suppliers to be able to better work together, but at the heart of the technology is empowering scientists.’

 

This isn’t the first successful round of funding for Labviva, which was founded back in 2017 by industry veterans Baharloo, Aaron Miramontes, and Nicholas Rioux. In fact, it’s the second major capital raise for the platform ─ the first coming in 2020 and raising US$2mn in pre-seed funding. And, given that the company’s approach helps to improve the relationship between suppliers and manufacturers of life sciences products and enterprise purchases, you can probably expect to see more successful funding rounds in the future.

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Jul 25, 2021

JAGGAER: Advancing Procurement Technology in Healthcare

JAGGAER
InformaMarkets
IoMT
Procurement
3 min
JAGGAER has highlighted the importance of advanced data analytics, artificial intelligence, and machine learning in healthcare procurement at Arab Health

JAGGAER has revealed the latest technological advancements in its cutting-edge, ground-breaking system at this years Arab Health, hosted by Informa Markets, as the industry-leading all-in-one procurement platform provider continues to provide support for the global healthcare industry as it struggles to recover from a year and a half tainted by the novel Coronavirus, and the ongoing pressure that it is putting on hospitals and pharmaceuticals. 

 

With new technology and innovation taking centre stage this year’s edition of Arab Health, JAGGAER announced the launch of its new ‘Digital Mind’ strategy. The strategy features a core set of advanced strategies, including embedded intelligence, predictive data analytics, and real-time user guidance that can all be used to support healthcare procurement teams with the necessary and oftentimes difficult strategic decision-making involved in the acquisition process. It’s set to better efficiency across the sector, reduce risk, and better customer service capabilities. 

 

The Exponential Growth of IoMT

This development comes at a time when the Internet of Things (IoT) has started to infiltrate all industries in an elaborate way. In a report published by Deloitte, it has been suggested that the global market for the Internet of Medical Things (IoMT) is projected to exceed US$158bn by 2022, with the IoMT market specifically in the MENA region, expected to hit US$9bn. 

 

Hany Mosbeh, Vice President of Sales Middle East & Africa, JAGGAER, said: ‘The healthcare sector is increasingly adopting disruptive technologies into the IoMT ecosystem including artificial intelligence (AI), augmented and virtual reality (AR/VR), and robotic process automation (RPA). From a procurement perspective, these technologies are also being utilised in our systems, having far-reaching benefits for the healthcare industry.’ 

 

JAGGAER’s Digital Mind

The new Digital Mind strategy incorporates JAGGAER Adopt, Assist and Advise. The latter of which enables users to be more proactive in recognising potential areas of improvement and mitigating challenging situations such as supplier risk. By leveraging a combination of advanced predictive analytics, machine learning, and customer-specific business rules, JAGGAER Advise empowers procurement professionals to identify steps that could improve performance or results and take corrective action on behalf of users. 

 

The software also provides its users with data-driven actionable insights and recommends the next steps to mitigate the risk of supply disruptions, supplier qualification, performance issues, and underperforming sourcing events. 

 

Speaking at one of the sessions during the event, Microsoft Research’s Chief Medical Scientist, Dr Junaid Bajwa, outlined the role of data in the healthcare sector, he said: ‘Today’s story is one of automation of processes, aggregation of data, moving to intelligent analysis and AI, and then repeating that cycle. If we get this right, it has the potential to reduce costs and support clinicians by unmasking occult disease types, generalising new associations and perhaps even generating new novel hypotheses and new mechanisms.’

 

Right now, JAGGAER supports over 120 healthcare organisations globally. They do so by modernising and transforming their procurement capabilities through digitalisation─an action that is propelling the industry forward at pace. To name just a small number of companies that JAGGAER services: Dubai Health Authority, Uniting Care, NHS England, HCA Healthcare, and Bright Horizons

 

‘During Arab Health, we heard from a range of experts who highlighted the challenges directly linked to COVID-19, from developing enough vaccines to combat the infection to the flow of raw materials to make the vaccines. In an era of technological advancements in the healthcare industry that are saving lives, it is also important to utilise this technology from a business perspective so that we can identify future risk and improve performance’, Mosbeh added.

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