TraceLink Inc secures $5.5M growth investment in round led by FirstMark Capital
TraceLink Inc bagged an additional $5.5 million growth investment, a statement about the funding said.
FirstMark Capital led the round, the proceeds of which will be used to speed up TraceLink's worldwide growth. The financing will also be deployed towards funding more investments in Life Sciences Cloud network platform of TraceLink, the statement said.
TraceLink provides services to firms operating in the worldwide Life Sciences sphere. Through the TraceLink Life Sciences Cloud, the company can safeguard patients, promote health, increase revenues and guarantee observance to rules. An Amazon AWS-based cloud application, TraceLink Life Sciences provides the data, insight and cooperation necessary to enhance performance and lower risk or pharmaceuticals in its worldwide operations, the statement said.
FirstMark Capital Founder and Managing Director Lawrence D. Lenihan said in the statement, "Billions of patients across the globe need safe lifesaving medicines as the pharmaceutical industry serving them struggles against agile drug counterfeiters, mounting compliance regimes and global drug shortages. As the global industry crosses the $1 trillion dollar mark, it needs a fundamental shift in how supply is managed. With its disruptive cloud-based technology, deep industry expertise and visionary anchor customers, TraceLink is the only company that enables Life Sciences to transform its traditional supply chain into the highly connected global supply network needed to tackle these critical challenges."
At present, eight of the top 20 pharmaceutical firms rely on TraceLink to comply with regulations, track the quality of medicines and reach worldwide markets that have high potential profitably. Last year, the company's Life Sciences Cloud platform was rapidly adopted and revenue increased by over two times, the statement said.
TraceLink President and CEO Shabbir Dahod said in the statement, "We appreciate the strong, continuous support that Larry Lenihan and the team at FirstMark Capital have given us to realize this vision. Our 2013 business results clearly demonstrate the value customers place on our dedication to their success and validate the critical need for our solutions that are designed to meet the unique requirements of global Life Sciences."