Vamstar closes Series A round of $9.5 Million

Vamstar, the world’s leading AI-enabled global procurement and sourcing platform for pharmaceuticals and medical supplies, announced today that its Series A funding round of $9.5 million has closed. The round was led by Alpha Intelligence Capital and Dutch Founders Fund (DFF), which also included existing investors btov Partners, Antler and Antler. With this announcement, the platform is uniquely placed on building resilience to future disruptions to UAE’s healthcare supply chain.

Vamstar will make use of this investment to accelerate its market and product development plans. It will also deploy Artificial Intelligence (AI), to improve its consumables exchange platform and data quality to speed up e-commerce. The company will digitize procurement and sourcing processes for buyers and sellers across the industry.

In line with the UAE Government’s direction to accelerate digital transformation in the healthcare sector, Vamstar’s AI-based platform fills a specific gap in the healthcare supply chain. Globally, there is no organized procurement system for the healthcare industry that integrates data processes, people and technology throughout the supply chain. Despite advances in other industries, hospital procurement processes have not integrated digitally with suppliers’ commercial processes, leading to supply chain inefficiencies. There is a need not only to reap the benefits from digitizing sourcing and procuring processes to lower transaction costs but also improve the data foundation to support value-based healthcare.

Digitising Healthcare Commerce

Vamstar was founded by industry veterans Praful Metta, Richard Freeman, PhD and Vishesh Duggar in 2019. The goal of Vamstar is to solve the problem of data integrity and user engagement that are the root causes for sourcing and procuring failures. Vamstar is a best-in class platform that streamlines healthcare sourcing and procurement. It uses Machine Learning, Deep Learning, Natural Language Processing, and Machine Learning to connect billions across the supply chain network, provide market intelligence, and allow digital commerce through a single e-procurement platform. Vamstar works in collaboration with the University of Sheffield, the University of Nottingham, and has been awarded Innovate UK funding to fund several high-profile projects such as post-COVID recovery which helps monitor supply chain risk and match supply and demand by creating the largest healthcare supply network.

“We see a tremendous opportunity in a market that is largely underserved for the Vamstar platform to organize the procurement system in the healthcare industry,” said Terry Chou, Partner at Alpha Intelligence Capital “The Company’s advanced Natural Language Processing capability sets them apart from other offerings. Paired with the strategic vision of the founders Praful, Richard, and Vishesh, Vamstar is setting the standard for procurement-enablement in healthcare.”

“Healthcare supply chains are under tremendous pressure with ongoing crises like COVID-19, the war in Ukraine, and rising inflation,” said Vamstar founder and CEO Praful Mehta. “There is very little data available to help healthcare procurement managers and suppliers make decisions in real-time. Vamstar’s mission is to empower supply-chain professionals, clinicians, hospital administrators, and their suppliers to come together in creative ways to form 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.”

Vamstar allows buyers and sellers to connect electronically, automating transaction and process flow on a global level. Businesses and organizations can use the platform to connect with suppliers such as pharmaceuticals and medical consumables and digital technology companies. They also have access to public and private buyers such as hospitals, labs, health insurances and clinics, universities, Group Purchasing Organizations (GPOs), and corporations.

Machine Learning allows buyers to search through suppliers and their catalogues, launch tenders or sourcing events using automated workflows, get bids and quotes in an orderly sequence, place orders electronically and automate source-to-pay processes On the other hand, suppliers can have priority access to tenders, RFXs and direct orders from 86,000 hospitals across 100+ countries either directly or through their Customer Relationship Management platform (CRM), Enterprise Resource Planning (ERP), and get access to Machine Learning forecasts and Natural Language Processing data with virtual suppliers. They can also receive orders electronically and automate order-to-cash processes.

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