TraceLink Raises $5.5 Million, Sees 2013 Life Sciences Cloud Growth
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
“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,
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
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 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 enabling complete global connectivity, visibility and traceability of pharmaceuticals from ingredient to patient. A single point and click connection to the Life Sciences Cloud delivers the information,
TraceLink is funded by FirstMark Capital. FirstMark Capital is an