Vamstar Closes $9.5M Series A Funding

VamstarThe Series A funding for a London-based company that provides an AI-enabled procurement platform to procure medical supplies and pharmaceuticals was $9.5M.

The round was led by Alpha Intelligence Capital and Dutch Founders Fund, with participation from btov Partners and Antler.

The company plans to use the funds for market and product development, deploying Artificial Intelligence to improve its consumables exchange platform and data quality, digitizing procurement and sourcing for buyers and sellers 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. This platform connects businesses and organizations with suppliers. It includes pharmaceuticals, medical consumables and digital technology companies.

Machine Learning allows buyers to search through suppliers and their catalogs, launch tenders or sourcing events using automated workflows, and receive bids. They can also place orders electronically and automate any source-to pay (S2P). For suppliers, they can access priority access to tenders, RFXs and direct orders from 86,000 hospitals, clinics and clinics in 100+ countries either directly or through their Customer Relationship Management platform (CRM), Enterprise Resource Planning (ERP), and have access to Machine Learning forecasts and Natural Language Processing data (NLP). They can also receive orders electronically and automate order-to-cash processes.

FinSMEs

22/06/2022

Leave a Comment