Vamstar Closes $9.5Mn Series A to Expand AI-Based Global Healthcare Supply Chain Platform
From all of us at Vamstar, we are extremely excited and proud to announce that we have secured USD9.5 million in Series A funding! As the leading AI-based global sourcing and procurement platform for medical goods and pharmaceuticals, this investment offers a huge opportunity for us to ultimately change healthcare commerce for the better.
Our founders started the company in 2019 to simplify purchasing of pharmaceuticals, consumables, and medical supplies. Today, we are happy to announce that we have secured A-round funding from the leading venture capital funds, Alpha Intelligence Capital (AIC), Dutch Founders Fund (DFF) and existing investors. We will use this investment to accelerate market and product development plans; using Artificial Intelligence (AI) to improve data quality, digitization of procurement and sourcing processes for both buyers and suppliers – across the industry.
But why is this investment such a big deal? Well, we are working to solve some of the major issues that the healthcare industry faces. Currently, it lacks an efficient and organized procurement system that integrates data across the supply chain. Despite advances in other industries, healthcare sourcing and procurement processes have not integrated digitally with suppliers’ commercial processes. Ultimately, this has led to supply chain inefficiencies. Right now, there is not only a need to realize the benefits of digitizing sourcing and procurement processes for reducing transaction costs but also a need to improve data efficiency and drive value-based healthcare. With the new capital, we can help provide a solution to these important issues.
Digitizing Healthcare Commerce
Our hard-working startup was founded by industry veterans Praful Mehta, Richard Freeman, and Vishesh Duggar. Its purpose; tackle the problem at the root of most digital transformation failures: data integrity. At Vamstar, we combine best-in-class functionality to streamline healthcare sourcing and procurement processes. Our work uses data science to connect billions of data points across the supply chain, and enable digital commerce through a common e-commerce platform.
Founder Praful Mehta talks us through Vamstar’s capabilities and purpose:
“At Vamstar, our goal is to empower supply chain professionals, clinicians, hospital administrators and their suppliers, to collaborate in innovative ways and create meaningful relationships. It is only by enabling a shared vision for collaboration, fueled by better data and insights, that we can deliver greater value for all stakeholders and the wider community within the healthcare ecosystem”.
Our organization connects buyers and suppliers electronically, to enable transaction flow across the supply chain. Vamstar’s platform is used by businesses and organizations connecting suppliers, including: pharmaceutical, consumables, medical device, and digital technology companies, and public and private buyers, such as corporations, clinics, laboratories, health insurances, hospitals or Group Purchasing Organizations (GPOs).
Buyers using our platform can access Machine Learning to search across suppliers and their product catalogs; launch tenders and sourcing events using automated workflows; receive bids and quotes in a prioritized sequence; and place orders electronically and automate the entire search-to-settle (S2S) process. Suppliers can get prioritized access to tenders, RFXs, and direct orders from 86,000 hospitals and clinics across 100+ countries directly – all integrated with their CRM and ERP; access Machine Learning (ML) enriched catalog and tender award data with virtual supplier profiles, receive orders electronically and automate the entire lead-to-cash (L2C) process.
About Alpha Intelligence Capital (AIC)
Alpha Intelligence Capital (AIC) is a global venture capital fund investing in deep Artificial Intelligence/Machine Learning (AI/ML) technology-based companies. AIC’s core focus lies in companies in the Series-A to Series-D stages, developing breakthrough products and solving real business problems. The teams at AIC operate out of San Francisco, Paris, Luxembourg, Singapore and Hong Kong. For more information, visit https://www.aicapital.ai
About Dutch Founders Fund (DFF)
Founded in 2018, the Dutch Founders Fund (DFF) is an early-stage VC that primarily invests in marketplaces and companies with strong network effects. The firm was founded by experienced entrepreneurs such as Laurens Groenendijk (Just Eat, Treatwell, Miinto, Hiber), Patrick Kerssemakers (fonQ), Bas Beerens (WeTransfer), Hidde Hoogcarspel (Spacebuzz), and Remco van Zanten (ex Booking, Zalando, BCG). For more information, visit https://www.dutchfoundersfund.com
About btov Partners
btov Partners is a European venture capital firm focusing on technology startups since 2000. btov’s community of entrepreneurial private investors provides it with unique expertise and supports the firm’s passion for discovering non-obvious businesses and promising founders. Its flagship Digital Tech fund focuses primarily on startups in the fields of data analytics, AI, fintech, SaaS, logistics, digital health, and digital marketplaces. With offices in Berlin, Zurich Munich, St. Gallen, and Luxembourg, the company invests approximately EUR 90 million across Europe per year. The most well-known investments include SumUp, DeepL, Raisin DS, Facebook, Foodspring, ORCAM, Volocopter, and XING.For more information, visit https://www.btov.vc
About Antler
Founded in Singapore in 2017 by a team of experienced entrepreneurs, investors and company builders, Antler is a global early-stage VC enabling and investing in the world’s most exceptional people. With offices across most major startup hubs globally, Antler is passionate about supporting exceptional people to fundamentally improve the world. For more information, visit https://www.antler.co
