Pharma Supply Chain Firm Tracelink Raises $93M USD To Invest In Blockchainbr>
Pharma supply chain firm Tracelink has raised $93 million in an investment round led by Georgian Partners. Other investors include Vulcan Capital, Willett Advisors LLC, FirstMark Capital, Volition Capital, F-Prime Capital and Goldman Sachs.
TraceLink claims to be the world’s largest track and trace network for connecting the life sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace. The firm’s Life Sciences Cloud delivers complete global connectivity, visibility and traceability of pharmaceuticals from ingredient to patient. It creates a supply chain control tower that delivers the information, insight and collaboration needed to improve performance and reduce risk across global supply, manufacturing and distribution operations.
The new funding will be used to invest in machine learning, artificial intelligence (AI) and blockchain in order to digitize the global pharmaceutical supply chain. The funds will also be used to expand into adjacent application areas, such as supplier collaboration, patient communities, personalized medicine, predictive care and gene therapies.
“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 platform for information sharing and predictive analytics,” said Shabbir Dahod, president and CEO of TraceLink.
As part of the invesment, Tyson Baber from Georgian Partners will be joining Tracelink’s Board of Directors. Dahod said Georgian Partners’ deep expertise will significantly aid their efforts in bringing global information-sharing applications to market, driving the entire industry forward to solve critical business challenges through supply chain digitalization.
“The pharmaceutical industry is at a digital tipping point and TraceLink is in the ideal position to drive major advancements in this transformation with its information-sharing network platform,” Baber said. “We are very excited to partner with TraceLink on its next phase of growth and look forward to helping guide the company on its journey to shape the future of the digital drug supply network, leveraging our experience and clients’ collective expertise in artificial intelligence and machine learning.”