The funding will be used to build the supplier and buyer related use-cases to accelerate growth. Also, the company is planning to expand team globally from the UK, Germany, India, and the United States by the end of 2021 with new roles — sales and marketing, product development, and data analysis.
Reinventing healthcare procurement
Founded by Praful Mehta, Richard Freeman, and Vishesh Duggar in 2020, Vamstar is reinventing healthcare procurement by using data science to connect billions of data points across the supply chain.
The platform is used for businesses and organisations connecting suppliers, such as pharmaceutical, medical device, and digital technology companies, with public and private buyers, such as hospitals, health insurances, or Group Purchasing Organisations (GPOs).
Combating supply chain stability
The COVID-19 pandemic has shaken the notion of supply chain stability in the global economy. In the healthcare industry, this has led to equipment shortages in hospitals and issues with medical transportation. To combat this, Vamstar has created the world’s first AI-powered B2B healthcare marketplace.
Notably, the company currently matches $2 trillion (approx £1.4 trillion) of healthcare contracts and tenders for pharmaceutical products, medical devices, healthcare services, and medical technologies across public and private buyers like hospitals, universities, and governments in 70+ countries.
Vamstar has won multiple Innovate UK grants with the University of Sheffield and the University of Nottingham, to contribute to the post-COVID recovery.
“The healthcare industry is still spending 40% of its revenue base on matching buyers and suppliers manually, using legacy systems. This is a time-consuming process that costs hospitals money while hampering the ability of suppliers to position new technologies. We want to put an end to that. Vamstar is introducing data-driven decision making in the $8.4Tn global healthcare supply chain to replace manual processes in sourcing and procurement. Connected transaction-level data is critical to lead the transformation of the healthcare supply chain and has the potential to unlock tremendous value.” – Praful Mehta, co-founder, and CEO of Vamstar
“An increasing need for competitive, diversified and transparent sourcing approaches and the manifestation of value-based tendering and procurement create the foundation for a future infrastructure platform in health care procurement. Having known the company since its very early days, we were able to eye-witness the impressive and rapid development of Vamstar over the last few months.” – Jan-Hendrik Buerk, Principal at btov