Social network for Pharma’s provide Chain TraceLink Grabs $20M series B
TraceLink, an organization that sells cloud-based software for monitoring pharmaceutical medicine, has raised a $ 20 million collection B funding spherical to develop its products and build a global gross sales and advertising force, in line with president and CEO Shabbir Dahod.
Volition Capital led the round, and used to be joined by way of fidelity Biosciences and existing investor FirstMark Capital. TraceLink has got $ 7.2 million in other funding due to the fact that its inception.
The Wakefield, MA-based totally company has constructed a web based platform that can be utilized via any number of firms that work in the pharmaceutical drug supply chain, from producers to distributors. Regulators in nations all over the world, from the U.S. to China to Brazil, have based necessities for drugmakers to put into effect tracking techniques—similar to unique sale numbers on bottles—for their products. These measures are meant to limit the sale of counterfeit drugs, and the illness and demise they are able to cause.
TraceLink’s platform is meant to address these issues. it’s a social media community of varieties for the life sciences industry. It permits corporations to be sure they meet regulatory compliance standards, retailer what can be large quantities of knowledge from monitoring person applications of substances, and have interaction with other companies that use it, corresponding to a manufacturer coordinating with a distributor.
“they are able to configure themselves to be interoperable with every of these individual contract manufacturers,” Dahod said in a phone interview. “one among my key thought patterns was once to truly apply to manufacturing what I was once seeing within the social networking space again in 2008 and 2009.”
in view that its founding in 2009, TraceLink has on account that been building the platform, which is hosted by means of Amazon net services and products. the company has been including customers to the service considering that 2012 and had greater than a hundred buyers as of final 12 months, Dahod said. That translated to certain cashflow for the yr, he stated.
“we’ve got margins of greater than 85 %,” he mentioned. “now we have the entire fundamentals the place we all know we are able to grow as a company.”
Dahod doesn’t expect to want additional funding, except it decides to approach the public markets.
Counterfeit medication—the whole thing from fake lifestyle medicine to remedies for diabetes and most cancers that either have a faux active ingredient or lack one solely—kill tens of millions of people annually, which is a component of the driving factor behind TraceLink, Dahod said.
“whilst you counterfeit a Gucci bag, it’s still a bag,” he mentioned. “when you counterfeit Avastin, it has no value.”