TraceLink Inc., a Wakefield, MA-based provider of solutions for Life Sciences companies to protect patients From counterfeit drugs, raised $20m in venture funding.
The round was led by Volition Capital, with participation from Fidelity Biosciences and existing investor FirstMark Capital.
The company intends to use the funds to further invest in product development to support the growing volume of country-specific regulations on its Life Sciences Cloud platform and to increase sales, services and marketing presence across North America, Latin America, EMEA (Europe, Africa and Middle East), and Asia Pacific.
Led by Shabbir Dahod, president and CEO, TraceLink provides companies across the global Life Sciences supply network (drug manufacturers, distributors, repackagers and dispensers) with the TraceLink Life Sciences Cloud, an Amazon AWS-based cloud application platform, to deliver complete global connectivity, visibility and traceability of pharmaceuticals from ingredient to patient. It allows users to receive information and insight and to collaborate to improve performance and reduce risk across global supply, manufacturing and distribution operations.
The company currently serves over 100 signed customers, including 15 of the top-20 global pharma companies.