Series B investment underscores high growth opportunity for AI in life sciences
BOSTON, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Labviva, the leading AI procurement platform for life sciences, today announced the close of its $25 million Series B, bringing its total funding to $55 million. Led by 53 Stations, with continued participation from Biospring Partners, B Capital Group, and Glasswing Ventures, the investment reflects the company's boom growth and escalating demand in Biopharma for automated supply chain and procurement solutions. As part of the fundraising, 53 Station's Co-Founder and Managing Partner, Jason Pritzker, will join Labviva's Board of Directors.
Over the last year, Labviva doubled its revenue and tripled transactions on its platform. To capitalize on this momentum, the company will use the funding to accelerate new product development, bolster marketing and customer support, and expand internationally.
"Successful AI companies deliver enormous efficiencies with the right balance of speed, scale, and human-AI collaboration. 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,” said Jason Pritzker. "Labviva is transforming supply chain and procurement for life sciences and I'm delighted to help guide and support their next phase of growth.”
The use of AI in life sciences is forecasted to reach $11 billion by 2033, predominantly driven by pharmaceutical and biotech adoption. According to MIT Technology Review Insights, the life sciences sector has "gone all in on AI,” with major pharmaceutical companies implementing AI across the enterprise to improve business processes such as research, legal, and drug discovery and development. To this end, Labviva enhances research operations by applying AI to drive efficiencies in labs, ultimately saving scientists time and money while speeding research innovation.
"We've been laser focused on building close customer and supplier relationships and deploying solutions that drive instant, long-term results. This strategy paid off because today, we've reached an inflection point that positions Labviva for massive growth,” said Siamak Baharloo, CEO & Co-Founder, Labviva. "With 53 Stations' deep operational expertise, support from The Pritzker Organization, and continued backing from other investors, we plan to thrive by fueling new innovations, driving customer success, and entering new markets.”
Labviva accelerates the pace of life science research by connecting suppliers, purchasing departments, and scientists through AI. By providing the most advanced technology for automating life science procurement, the company delivers supply chain transparency, transforming the way laboratories manage purchasing, supply chain tracking, and inventory replenishment. Ultimately, Labviva empowers customers to maintain absolute control over their own data, which is why many of the world's leading pharmaceutical companies and research universities already trust and rely on Labviva to modernize their laboratory operations.
The Labviva 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.
Labviva's intuitive platform operates as a stand-alone solution or directly integrates into leading procurement systems, including SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa.
About Labviva
Labviva connects researchers with suppliers of reagents, chemicals, consumables, and instrumentation in an intuitive, user-friendly platform that supports the priorities of scientists while staying compliant with purchasing rules. Suppliers can easily manage the content of their products, and products are mapped into scientific applications, techniques and protocols. To learn more about how Labviva accelerates the science of life, visit us at www.labviva.com.
About 53 Stations
53 Stations is a Chicago-based venture capital firm supported by The Pritzker Organization (TPO). The firm invests in early-stage, technology companies in TPO-aligned sectors including construction, healthcare, wealth management, and restaurant operations. With a flexible mandate and access to TPO to invest across opportunities and timeframes, 53 Stations brings a unique structure and approach - one that enables the freedom and scale to build companies that endure. To learn more, visit 53stations.com.
Media Contacts:
Jennifer Schenberg
PenVine for Labviva
917-445-4454
Gabby Lescarbeau
PenVine for Labviva
413-896-1991
