Blockchain startup Veratrak has secured £175k in pre-Seed funding led by Seedcamp.
Founded by University of Oxford alumni, Jason Lacombe and Matthew Wilson, Veratrak uses blockchain technology to allow pharmaceutical companies to securely share private documents.
The blockchain technology creates an audit history of documentation changes, with the hope of mitigating the risk associated with documentation tampering.
Co-founder Matthew Wilson commented on the news: “Efficient pharmaceutical supply chains are essential for delivering high quality, cost effective and increasingly personalised medicines.
“Traditionally, the pharma supply chain lagged behind other industries’ supply chains in-part due to a lack of need to innovate in areas outside of R&D. The vast majority of documentation is currently shared over email, fax or through the post. Our cutting-edge solution gives supply chain companies a new way to work together with their customers, suppliers and partners to deliver medicine to patients in a safe, efficient and secure manner,” he added.
The company also hopes that digitising the supply chain can help to make medicine more affordable.
AR startup Blippar raising $37m amid losses
Seedcamp is a European investor, which funds companies at early Seed or pre-Seed stages in the world of tech. Successful startups it has invested in include Revolut, TransferWise, Zemanta Wefox and UiPath.
Seedcamp Partner, Tom Wilson, commented on the investment: “Veratrak’s product has the potential to revolutionise the way critical documentation is stored and collaborated on across the pharmaceutical supply chain.
“Large parts of this hugely valuable supply chain are still using paper based processes. As such, we see a real opportunity for Veratrak’s approach of creating a shared workspace that utilises blockchain technology to ensure the security of documentation handovers.”
Check out our UK Tech Investment Tracker for the latest industry deals.