Labviva, a Boston, MA-based provider of an AI procurement platform for life sciences, raised $25M in Series B funding.
The round was led by 53 Stations, with participation from Biospring Partners, B Capital Group, and Glasswing Ventures. As part of the fundraising, 53 Station’s Co-Founder and Managing Partner, Jason Pritzker, will join Labviva’s Board of Directors.
The company intends to use the funds to accelerate product development, bolster marketing and customer support, and expand internationally.
Led by CEO Siamak Baharloo, Labviva connects researchers with suppliers of reagents, chemicals, consumables, and instrumentation in a platform that supports the priorities of scientists while staying compliant with purchasing rules. Suppliers can manage the content of their products, and products are mapped into scientific applications, techniques and protocols.
The platform aggregates 90% of all life science suppliers, offering instant access to the most diverse pool of sellers, ranging from major suppliers to small, local, and green-certified businesses. As a result, customers can quickly compare products and prices from different vendors based on company-specific pricing and rich product content, saving hours of manual research, reducing R&D costs, and avoiding gaps in inventory replenishment. Labviva also helps customers ensure contract compliance while meeting small business and corporate sustainability objectives.
The platform operates as a stand-alone solution or directly integrates into procurement systems, including SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa.
FinSMEs
13/01/2025