Vamstar, a London, UK-based provider of an AI-enabled procurement platform for medical supplies and pharmaceuticals, raised $9.5M in Series A funding.
The round was led by Alpha Intelligence Capital and Dutch Founders Fund, with participation from btov Partners and Antler.
The company intends to use the funds to accelerate market and product development plans, deploying Artificial Intelligence (AI) to enhance its consumables and generics exchange platform, improving data quality for faster e-commerce, and digitizing procurement and sourcing processes for both buyers and suppliers across the industry.
Founded in 2019 by Praful Mehta, Richard Freeman, Ph.D., and Vishesh Duggar, Vamstar is a cloud-based AI-enabled global B2B healthcare supply chain platform that connects both buyers and suppliers electronically to automate transaction and process flow across the supply chain on a global scale. The platform is used by businesses and organizations connecting suppliers, such as pharmaceuticals, consumables, medical devices, and digital technology companies, with public and private buyers, such as hospitals, laboratories, health insurances, clinics, corporations, universities or Group Purchasing Organizations (GPOs).
Buyers can use Machine Learning to search across suppliers and their catalogs; launch tenders and sourcing events using automated workflows; receive bids and quotes in a prioritized sequence; and place orders electronically and automate the source-to-pay (S2P) processes. Suppliers on the other hand can get prioritized access to tenders, RFXs, and direct orders from 86,000 hospitals and clinics across 100+ countries directly or within their Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) platforms; get access to Machine Learning (ML) forecasts and Natural Language Processing (NLP) enriched catalog and tender award data with virtual supplier profiles, and receive orders electronically and automate the order-to-cash (O2C) processes.