Labviva Inc., a startup offering an artificial intelligence procurement platform for life sciences, announced today that it has raised $25 million in new funding to accelerate product innovation, enhance marketing and customer support, and expand internationally.

Founded in 2017, Labviva offers an AI-powered digital marketplace that connects researchers with suppliers of reagents, chemicals, consumables and instrumentation, enhancing visibility and insight into the life sciences supply chain. The life sciences supply chain covers the processes and systems involved in sourcing, manufacturing, distributing and managing materials and products used in research, diagnostics and healthcare.

Labviva accelerates the pace of life science research by connecting suppliers, purchasing departments and scientists through AI. Through the use of advanced technology for automating life science procurement, the company delivers supply chain transparency that transforms how laboratories manage purchasing, supply chain tracking and inventory replenishment.

It says its platform aggregates 90% of all life science suppliers to give users instant access to a large pool of sellers, ranging from major suppliers to small, local and green-certified businesses. With its coverage, customers can quickly compare products and prices from different vendors based on company-specific pricing and rich product content and, in doing so, save hours of manual research, reduce research and development costs and avoid gaps in inventory replenishment.

The Series B round was led by 53 Stations, with previous investors Biospring Partners LP, B Capital Group Management LP and Glasswing Ventures also participating. 53 Station co-founder and Managing Partner Jason Pritzker will join Labviva’s board.

“We’ve been laser-focused on building close customer and supplier relationships and deploying solutions that drive instant, long-term results,” said Labviva co-founder and Chief Executive Siamak Baharloo. “This strategy paid off because today, we’ve reached an inflection point that positions Labviva for massive growth.”

Including the new funding, Labviva has raised $50.8 million to date, according to data from Tracxn.

Image: Labviva