TraceLink, the SaaS platform for tracking and tracing pharmaceuticals, has today announced the close of a $51.5 million Series C financing led by Goldman Sachs Growth Equity. Existing investors, such as FirstMark Capital, Volition Capital, and F-Prime Capital, also participated in the round.
As part of the deal, Goldman’s Jason Kreuziger is joining TraceLink’s board of directors.
TraceLink was founded in 2009 with the introduction of the Life Sciences Cloud, a suite of SaaS applications that are natively integrated with AWS. The Life Sciences Cloud allows pharmaceutical businesses to comply with country-specific track and trace requirements throughout their supply chain.
In 2013, the DSCSA (Drug Supply Chain Security Act) was passed, requiring pharmaceutical companies across the supply chain to do a better job of tracking drugs from manufacture to the patient. The Act gives ten years before unit-level traceability is enforced, giving the industry the chance to invest in the services and equipment necessary to achieve compliance.
That’s where TraceLink comes in.
TraceLink’s software allows manufacturers, distributors and dispensers to secure their drug supply chain and stop the trade of counterfeit medicines. According to the company, the issue of counterfeit medicines causes hundreds of thousands of deaths each year and leads to an estimated $75 billion in lost industry revenue annually.
Here’s what TraceLink CEO Shabbir Dahod had to say about it:
Thousands of businesses in the pharmaceutical supply chain need to make decisions on how to comply with time-bound regulations. With limited choices available, TraceLink wants to give these companies the opportunity to meet the regulations and achieve benefits beyond compliance with an established track and trace solution that can help them safely deliver drugs to patients. As a result of this growing industry need, we have continued to surpass our growth goals and are delighted to have this support from world-class, visionary investors to pursue our dedicated strategy in this space and further accelerate the adoption of our proven platform and leadership across the global market.
If you want to learn more about TraceLink, hit up the website right here.