SupplyScape Raises $10 Million in Series C Financing to Execute Aggressive Growth Strategy and Pursue New Opportunities
New Funding Underscores SupplyScape’s Leadership Position in Rapidly Growing Market for Software that Protects and Optimizes the Life Sciences Value Chain
WOBURN, Mass.--(BUSINESS WIRE)--SupplyScape Corporation, the leading provider of software to maximize product integrity and create business value for pharmaceutical, biotech, medical device companies and their trading partners, today announced the completion of a $10 million round of Series C financing. All current investors, including IDG Ventures Boston, North Bridge Venture Partners, Pilot House Ventures, Bethesda Partners, and Pfizer Strategic Investments Group, participated fully in this round of funding.
“Through our visibility and control software platform, SupplyScape targets counterfeiting, diversion, and fraud threats across the pharmaceutical manufacturing and distribution channel. Partnering with SupplyScape, pharmaceutical companies and their trading partners enhance patient trust, reduce compliance risk and gain financial transparency.”
“SupplyScape has grown into a company unmatched in its ability to provide solutions that address both today’s patient safety challenges and tomorrow’s business opportunities,” said Shabbir Dahod, founder and chairman of SupplyScape. “This financing follows a year of significant achievements for SupplyScape, including a 145 percent increase in sales growth for its recent fiscal year, a tripling of its customer base that now includes eight of the top ten pharmaceutical manufacturers, a first-in-industry certification of its electronic pedigree software by the EPCglobal Inc™ standards body and selection to the Supply and Demand Chain Executive 100.”
“SupplyScape has emerged as the clear market leader in this rapidly growing market,” said Jeffrey Beir, general partner, North Bridge Venture Partners. “The company has assembled an experienced management team and achieved significant market traction, strong partnerships and an impressive list of blue-chip customers. SupplyScape is well positioned to take advantage of this market opportunity.”
“This financing helps us further accelerate our work in helping companies to improve patient safety and pharmaceutical product integrity throughout the value chain,” added Mark O’Connell, president and CEO, SupplyScape. “Through our visibility and control software platform, SupplyScape targets counterfeiting, diversion, and fraud threats across the pharmaceutical manufacturing and distribution channel. Partnering with SupplyScape, pharmaceutical companies and their trading partners enhance patient trust, reduce compliance risk and gain financial transparency.”
SupplyScape Corporation is a leading provider of software and services that improve patient safety, increase value chain efficiency and maximize revenue across the life sciences value chain. By creating On-Demand Value Networks, a real-time information network infrastructure for end-to-end value chain visibility and control, SupplyScape transforms the life sciences information network through its highly scalable product and transaction security platform. Pharmaceutical manufacturers, medical device makers, wholesale distributors and pharmacies rely on SupplyScape On-Demand Value Networks to enhance regulatory compliance, product integrity, operational improvement and financial performance within their value chains. For more information, visit www.supplyscape.com.