NORTH READING, MA–TraceLink Inc., a North Reading, MA-based counterfeit drug tracker founded by Shabbir Dahod, has raised $51.5 million 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, the company said in a statement.
TraceLink announced that Jason Kreuziger from Goldman Sachs and Amish Jani of FirstMark Capital have joined its Board of Directors.
“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 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.”
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.
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.”