Source: supplychaindigital.com

AI is increasingly playing a pivotal role in life sciences, with the market anticipated to be worth US$11bn by 2033. 

Central to this sea change is Labviva, an AI-powered procurement platform tailored for life sciences. The tool applies AI to enhance procurement processes, enabling laboratories to streamline purchasing, monitor supply chains and manage inventory with unprecedented efficiency.

Founded in 2017 by Siamak Baharloo and Nicholas Rioux, Labviva has experienced remarkable growth. Over the last year, the company has doubled its revenue and tripled the transaction volumes executed through its platform.

This rapid expansion was further bolstered by a significant financial milestone in the form of a US$25m Series B funding round led by 53 Stations, increasing its total funding to US$55m. Jason Pritzker, Co-Founder and Managing Partner at 53 Stations, was also welcomed onto Labviva’s Board of Directors. Existing backers including Biospring Partners, B Capital Group and Glasswing Ventures renewed their support, reflecting the robust demand within the biopharmaceutical sector for automated supply chain and procurement solutions.

“Successful AI companies deliver enormous efficiencies with the right balance of speed, scale and human-AI collaboration,” comments Jason. “This year, Labviva did just that, transitioning from the industry’s ‘best kept secret’ to the go-to resource for accelerating the pace of science.

Moreover, its compatibility with major procurement systems like SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365 and Coupa allows for seamless integration into existing systems.

“We’ve been laser focused on building close customer and supplier relationships and deploying solutions that drive instant, long-term results,” explains Siamak, who serves as CEO at Labviva. “This strategy paid off because today, we’ve reached an inflection point that positions Labviva for massive growth. “With 53 Stations’ deep operational expertise, support from The Pritzker Organization and continued backing from other investors, we plan to thrive by fuelling new innovations, driving customer success and entering new markets.”