Labviva Receives Financial Support to Revolutionize the Life Sciences Procurement Industry Using AI

Labviva, the AI-driven life sciences digital marketplace that simplifies and scales purchasing processes, announced today 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. The Series A funding brings the total amount raised since inception to $30 million.

The funding will be used to accelerate deployment of Labviva's platform at a number of global pharmaceutical and academic customers. Labviva provides an easy-to-use SaaS platform and marketplace that unifies the interface for product discovery and procurement and seamlessly connects suppliers, purchasers, allowing scientists to make better purchasing decisions. The company will also use the funding to expand its global footprint and launch new and complementary product lines. In addition, Jennifer Lum, Co-Founder & Managing Partner, Biospring Partners will join the Board of Directors at Labviva.

Labviva'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.

The current purchasing process in life sciences is an inefficient, manual process, with slow internal approvals and a lack of choice and transparency. In this traditional model, purchasers have access to limited number of digital catalogs from one or two major distributors and a handful of other suppliers. The lack of product diversity in a purchasing catalog can cause a higher cost of purchasing and exposes buyers to supply chain disruptions with significant delay to research timelines.

With Labviva, purchasing and procurement needs are met in a single software interface that is intuitive, scientist-centric and easy to set up. Labviva provides access to thousands of suppliers and over 15 million products, supports custom user, department, and location approval structures with notifications, and tracking and reporting tools to provide real-time visibility by integrating directly with buyer's internal and third-party software solutions.

"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."

Early in its development, Labviva 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. Labviva was able to enhance the client's supply chain resiliency and provide scientists with self-sourcing capabilities through easy access to products from an expanded supplier base.

"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," said Director of Procurement, Global Large Pharma Company. "Labviva's platform reduced our scientists' workload through the development of a customized user interface and training program for order management activities."

Labviva was 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.

"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," said Jennifer Lum, Co-Founder & Managing Partner, Biospring. "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."

Labviva provides a digital marketplace for life science companies and researchers, connecting suppliers of reagents, chemicals, and instrumentation. 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.

Source: https://www.labviva.com/

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit
Azthena logo

AZoM.com powered by Azthena AI

Your AI Assistant finding answers from trusted AZoM content

Azthena logo with the word Azthena

Your AI Powered Scientific Assistant

Hi, I'm Azthena, you can trust me to find commercial scientific answers from AZoNetwork.com.

A few things you need to know before we start. Please read and accept to continue.

  • Use of “Azthena” is subject to the terms and conditions of use as set out by OpenAI.
  • Content provided on any AZoNetwork sites are subject to the site Terms & Conditions and Privacy Policy.
  • Large Language Models can make mistakes. Consider checking important information.

Great. Ask your question.

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.