|By PR Newswire||
|November 30, 2016 07:00 AM EST|
NORTH READING, Massachusetts, Nov. 30, 2016 /PRNewswire/ -- TraceLink Inc., the World's Largest Track and Trace Network for connecting the life sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace, today announced that it has raised $51.5M in Series C financing led by Goldman Sachs Growth Equity (GS Growth), with participation from Series A and Series B investors, FirstMark Capital, Volition Capital, and F-Prime Capital. TraceLink is also announcing that Jason Kreuziger from Goldman Sachs and Amish Jani of FirstMark Capital have joined its Board of Directors.
This investment will enable TraceLink to improve its position in the global pharmaceutical track and trace industry, providing manufacturers, distributors and dispensers with a cost-effective solution to secure the drug supply chain and protect patients from counterfeit medicines, a problem that causes hundreds of thousands of deaths and leads to an estimated $75 billion in lost industry revenue each year. The TraceLink Life Sciences Cloud enables any company in the pharmaceutical supply chain to implement an interoperable system for tracking and tracing authentic prescription medicines, which will be required by law in 50 countries by the year 2020, to combat the rise of counterfeit drugs. Today, more than 450 life sciences companies rely on TraceLink to meet track and trace regulations worldwide.
"As part of a global marketplace, the pharmaceutical industry is facing an increasingly complex set of laws and regulations designed to secure the supply chain from manufacturer to consumer," said Jason Kreuziger, a vice president on the GS Growth team in the Merchant Banking Division at Goldman Sachs. "TraceLink's solution uniquely addresses the challenges of capturing, storing and transmitting product identifying data at scale and across a large number of supply chain partners. We look forward to supporting Shabbir and the entire team at TraceLink as they look to extend their leadership position in this market and increase customer adoption of the Life Sciences Cloud platform globally."
Founded in 2009, TraceLink's Life Sciences Cloud, a family of SaaS applications that are natively integrated with Amazon Web Services, enables businesses across the pharmaceutical supply chain to comply with country-specific track and trace requirements. The TraceLink Life Sciences Cloud is the only purpose-built track and trace platform on the market that has evolved beyond traditional on premise software and single-tenant architectures, both of which are limited in their ability to address massive data transaction volumes, complex trade partner data exchange, and continuously evolving regulatory landscape resulting from new global track and trace regulations.
"Thousands of businesses in the pharmaceutical supply chain need to make decisions on how to comply with time-bound regulations. With limited choices available, TraceLink wants to give these companies the opportunity to meet the regulations and achieve benefits beyond compliance with an established track and trace solution that can help them safely deliver drugs to patients," said Shabbir Dahod, president and CEO, TraceLink. "As a result of this growing industry need, we have continued to surpass our growth goals and are delighted to have this support from world-class, visionary investors to pursue our dedicated strategy in this space and further accelerate the adoption of our proven platform and leadership across the global market."
About Goldman Sachs
Founded in 1869, The Goldman Sachs Group, Inc., is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for Goldman Sachs' long term principal investing activity. With nine offices across seven countries, MBD is one of the leading private equity investors in the world. Since 1986, the group has invested approximately $180 billion of levered capital across a number of geographies, industries and transaction types. Within MBD, Goldman Sachs Growth Equity (GS Growth) is a dedicated platform for venture capital and growth equity investments in leading companies that have built innovative technology or processes to transform their industries. Since 1994, GS Growth has partnered with more than 200 companies and invested more than $5 billion of capital across sectors including technology, software, media, healthcare IT, and business and information services. GS Growth seeks to partner with strong management teams to help companies achieve product, customer and geographic expansion. For more information about GS Growth, please visit: www.gs.com/gsgrowth.
TraceLink is the World's Largest Track and Trace Network for connecting the Life Sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace. Leading businesses, including 16 of the top-20 global pharmaceutical companies, trust the TraceLink Life Sciences Cloud to deliver complete global connectivity, visibility and traceability of pharmaceuticals from ingredient to patient. A single point and click connection to the Life Sciences Cloud creates a supply chain control tower that delivers the information, insight and collaboration needed to improve performance and reduce risk across global supply, manufacturing and distribution operations. A winner of numerous industry awards including Deloitte's Technology Fast 500 (ranked number 149 in 2016), the Amazon AWS Global Start-Up Challenge Grand Prize, and the Edison Award for Innovation in Health Management, the Life Sciences Cloud is used by businesses across the globe to meet strategic goals in ensuring global compliance, fighting drug counterfeiting, improving on-time and in-full delivery, protecting product quality and reducing operational cost. For more information on TraceLink and our solutions, visit www.tracelink.com or follow us on LinkedIn, Twitter and Facebook.
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