Vamstar听has raised 拢1.25 million to expand its AI-powered听B2B healthcare marketplace.听听听
The London firm has听won听multiple Innovate UK grants to help post-COVID-19 recovery following equipment shortages and issues with medicine transportation during the pandemic.听听
The听seed funding听was听led by听btov听with participation from Antler and Begin Capital.听
Vamstar听uses听data science to connect billions of data points across the supply chain,听enabling听real-time profiling of suppliers and buyers while matching recommendations across various contracts, tenders, and direct purchases.听听
It says this process improves market听access and achieves significant time and cost savings for both buyers and suppliers.听听
The company听currently matches $2听trillion听of healthcare contracts and tenders for pharmaceutical products, medical devices, healthcare services, and medical technologies across public and private buyers like hospitals, universities and governments in 70+ countries.听
鈥淭he healthcare industry is still spending 40% of its revenue base on matching buyers and suppliers manually, using legacy systems,鈥� said听co-founder and CEO Praful Mehta.听
鈥�This is a听time–consuming process that costs hospitals money, while hampering the ability of suppliers to position new technologies.听We want to put an end to that.听听
鈥�Vamstar听is introducing data-driven decision making in the $8.4tn global healthcare supply chain to replace manual processes in sourcing and procurement. Connected transaction level data is critical to lead the听transformation of the healthcare supply chain and has the potential to unlock tremendous value.鈥�听
Vamstar鈥檚听Innovate UK grants with the University of Sheffield and the University of Nottingham听are听aimed at听ensuring that the supply chain risk and supply-demand matching can be monitored in real-time within healthcare systems.听
The听start–up will听grow听its team听globally from the UK, Germany, India, and the United States by the end of 2021 with new roles in sales and marketing, product development, and data analysis.听听
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