Singapore- and San Francisco-based venture capital investor B Capital has backed the $20-million Series A funding in American life-science digital marketplace Labviva, according to an announcement.
Labviva, which uses AI to simplify and scale purchase processes, said its Series A financing round was anchored by Biospring Partners, a growth equity firm that invests in Life Sciences Technology. Aside from B Capital, the round was participated by Senator Investment Group and Glasswing Ventures.
The Series A investment brings Labviva’s total funds raised to date to $30 million.
Its B2B e-commerce platform facilitates procurement and purchasing management for life-sciences and research institutions to expedite the progress of life-science research, according to the company announcement.
According to Siamak Baharloo, Labviva’s CEO and co-founder, the company provides customers with real-time purchasing insights to manage spending and regain control, resulting in significant hard cost savings.
Additionally, Labviva offers scientific and technical staff access to product content and scientific insight to enhance the speed and quality of their product selection process.
Labviva’s platform integrates directly with procurement systems such as SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa, to shorten implementation times and reduce the risk of research delays.
Per the announcement, Labviva will use the fresh funding to expedite the rollout of its platform to several international pharmaceutical and academic clients.
Additionally, the funding will support the expansion of the company’s global presence and the introduction of new, complementary product lines.
B Capital’s investment in Labviva comes less than a month after it closed its debut healthcare fund at $500 million. The VC firm also announced in January the $2.1-billion close of its third and latest series of global growth funds.
B Capital was founded by Raj Ganguly and Facebook co-founder Eduardo Saverin in 2015. It oversees $6.3 billion in assets under management across multiple funds from seed- to late-stage venture growth.
There are 101 portfolio companies listed on its website, out of which eight are from Southeast Asia, 15 are from India, and six are from China.