Vamstar, AI-enabled global sourcing and procurement platform for medical supplies and pharmaceuticals, raised $9.5 million in a Series A funding round. The round was led by Alpha Intelligence Capital (AIC) and Dutch Founders Fund (DFF) and included existing investors btov Partners and Antler.
The startup will use this investment 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.
Vamstar was founded in 2019 by Praful Mehta, Richard Freeman, and Vishesh Duggar to tackle the problem at the root of sourcing and procurement transformation failures: data integrity and user engagement.
“Healthcare supply chains are under tremendous pressure with ongoing crises like COVID-19, the war in Ukraine, and rising inflation. There is very little data available to help healthcare procurement managers and suppliers make decisions in real-time. At Vamstar, our goal is to empower supply chain professionals, clinicians, hospital administrators and their suppliers to collaborate in innovative ways to create meaningful relationships. It is only by enabling a shared vision for collaboration, fueled by better data and insights, that we can deliver greater value for all stakeholders and the wider community within the healthcare ecosystem,” said Vamstar founder and CEO Praful Mehta.
The platform connects both buyers and suppliers electronically to automate transaction and process flow across the supply chain on a global scale.
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