Labviva Secures $25M in Series B Funding to Enhance AI Procurement Platform for Life Sciences
Company Name: Labviva
Location: Boston, MA
Industry: Health tech
Funding Details:
Amount: $25M (Series B)
Investors: 53 Stations (Lead), Biospring Partners, B Capital Group, Glasswing Ventures
Board Addition: Jason Pritzker, Co-Founder and Managing Partner of 53 Stations
Purpose of Investment:
The funds will be used to:
- Accelerate product development.
- Strengthen marketing and customer support initiatives.
- Expand the company’s international presence.
Leadership:
CEO: Siamak Baharloo
Product:
Labviva’s AI procurement platform connects researchers with suppliers of reagents, chemicals, consumables, and instrumentation. Key features include:
- Comprehensive Supplier Network: Aggregates 90% of life science suppliers, offering access to major vendors, small businesses, and green-certified suppliers.
- Enhanced Product Mapping: Links products to scientific applications, techniques, and protocols, ensuring relevance for researchers.
- Streamlined Procurement: Enables quick comparison of products and prices, reducing manual research time and R&D costs.
- Contract Compliance: Ensures adherence to procurement rules while supporting sustainability and small business goals.
- System Integration: Operates as a standalone solution or integrates with systems like SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa.
About the Company:
Labviva is revolutionizing procurement for the life sciences sector by aligning the needs of researchers with organizational compliance requirements. Its platform simplifies the purchasing process, enhances cost efficiency, and supports sustainable procurement practices.
With its Series B funding, Labviva is poised to expand its global footprint and continue delivering cutting-edge solutions for life science research and procurement.