Vamstar Closes $9.5M Series A to Expand AI-Based Healthcare Supply Chain Platform

Vamstar, an artificial intelligence (AI)-enabled medical supply and pharmaceutical global sourcing and procurement platform, has closed a $9.5 million Series A funding round.
 
The company will use the investment to speed up market and product development plans, deploy AI to enhance its consumables and generics exchange platform, improve data quality for faster e-commerce, and digitize procurement and sourcing processes for buyers and suppliers.
 
The healthcare industry lacks an organized procurement system, and processes have not yet integrated digitally with suppliers’ commercial processes, leading to inefficiencies in the supply chain.
 
Vamstar uses machine learning, deep learning, and natural language processing to connect billions of data points across the supply chain network to offer market intelligence and digital commerce through a common e-procurement platform.
 
The company won Innovate U.K. funding for post-COVID recovery to help monitor supply chain risk, as well as supply-demand matching by creating the largest healthcare supply chain 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,” Terry Chou, Partner at Vamstar investor Alpha Intelligence Capital, told the press. “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,” added Vamstar founder and CEO Praful Mehta. “There is very little data available to help healthcare procurement managers and suppliers make decisions in real-time. At Vamstar, our goal is to empower supply chain professionals, clinicians, hospital administrators and their suppliers to collaborate in innovative ways to create 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.”