TraceLink said Monday that it has raised an additional $5.5 million in funding. FirstMark Capital led the round. Based in Wakefield, Mass., TraceLink is a provider of cloud computing and supply network process solutions.
Wakefield, MA (PRWEB) February 24, 2014
TraceLink Inc., the leader in pharmaceutical serialization, track and trace and supply network towers for global Life Sciences, announced today that it had secured an additional $5.5 million in growth investment led by lead investor FirstMark Capital. The financing will be used to accelerate TraceLink’s global expansion and fund further investments in the TraceLink Life Sciences Cloud network platform.
Today, TraceLink is trusted by its customers across the Life Sciences supply chain, including eight of the top 20 pharmaceutical companies, to ensure regulatory compliance, monitor drug quality and profitably reach high growth global markets.
“Billions of patients across the globe need safe lifesaving medicines as the pharmaceutical industry serving them struggles against agile drug counterfeiters, mounting compliance regimes and global drug shortages. As the global industry crosses the $1 trillion dollar mark, it needs a fundamental shift in how supply is managed,” said Lawrence D. Lenihan, Founder and Managing Director, FirstMark Capital. “With its disruptive cloud-based technology, deep industry expertise and visionary anchor customers, TraceLink is the only company that enables Life Sciences to transform its traditional supply chain into the highly connected global supply network needed to tackle these critical challenges.”
“TraceLink’s vision is to build a platform, a community and a network that connects all participants across the global Life Sciences supply chain from ingredient to patient,” said Shabbir Dahod, President and CEO of TraceLink. “We appreciate the strong, continuous support that Larry Lenihan and the team at FirstMark Capital have given us to realize this vision. Our 2013 business results clearly demonstrate the value customers place on our dedication to their success and validate the critical need for our solutions that are designed to meet the unique requirements of global Life Sciences.”
TraceLink saw rapid company growth and broad adoption of the Life Sciences Cloud platform in 2013 as network effects took hold. Revenue more than doubled driven by new customers wins across the supply chain. More than $6 billion in new pharmaceutical products from 14,000 manufacturing batches were added to the lifesaving medicines managed by the TraceLink platform. Network activity in the Life Sciences Cloud has exploded with a 2,575 percent increase in the number of supply network transactions and a 1,800 percent growth in the number of business users. Entering 2014, TraceLink now connects almost one-third of all participants in the United States pharmaceutical supply chain.
Notable customer milestones reached by TraceLink in 2013 include the industry’s first commercial deployment of an end-to-end integrated track and trace compliance solution for China. Combining serialization, government reporting, network connectivity and transaction monitoring tools in to a purpose-built compliance solution, TraceLink enabled a top-5 pharmaceutical company to efficiently meet China’s growing regulatory requirements with a scalable global solution completely harmonized with their global IT architecture.
The TraceLink Life Sciences Cloud network platform links pharmaceutical companies, CMO/CPOs, 3PLs, wholesale distributors and pharmacies across diverse supply, production and distribution relationships. Through a single integrated connection to the TraceLink Life Sciences Cloud, market leaders gain the visibility, connectivity, information and control needed to:
Comply with pharmaceutical serialization, product tracing and government reporting regulations for the US Drug Quality and Security Act (DQSA), China, Brazil, Korea and other global drug track and trace regulations impacting over $750 billion annually in pharmaceuticals by 2017
Create a supply network control tower that improves speed across external supply activities, enhances visibility across the outsourced production lifecycle and increases agility in managing drug shortages and meeting patient demand across global markets
Learn more about TraceLink’s pharmaceutical track and trace solutions, supply network tower applications and outsourced network management services that are scalable to support companies of all sizes and network complexities at http://www.tracelink.com.
TraceLink protects patients, enables health, grows profits and ensures compliance for companies across the global Life Sciences network through the TraceLink Life Sciences Cloud. The TraceLink Life Sciences Cloud is an Amazon AWS-based cloud application platform which enables complete global connectivity, visibility and traceability of pharmaceuticals from raw materials to patient. A single point and click connection to the Life Sciences Cloud delivers the information, insight and collaboration needed to improve performance and reduce risk across global supply, manufacturing and distribution operations. Winner of numerous industry awards including the Amazon AWS Global Start-Up Challenge Grand Prize and the Edison Award for Innovation in Health Management, the TraceLink Life Sciences Cloud is relied upon by businesses across the globe to meet strategic goals in ensuring global compliance, fighting drug counterfeiting, improving on-time and in-full delivery, protecting product quality and reducing operational cost. For more information on TraceLink and our solutions, visit http://www.tracelink.com or follow us on LinkedIn.
TraceLink is funded by FirstMark Capital. FirstMark Capital is an early stage venture capital firm based in New York City. FirstMark’s mission is to partner with exceptional entrepreneurs who are changing the world by solving meaningful problems. FirstMark has built a deeply engaged community among the extraordinary teams in the FirstMark network to spread ideas and opportunities. FirstMark is privileged to work alongside the founders of remarkable businesses like Pinterest, Lumosity, Aereo, TapAd, Shopify, Riot Games, and dozens more. Visit FirstMark in New York City or online at firstmarkcap.com and @FirstMarkCap.