Merck Global Health Innovation Fund and P74 Ventures Make Strategic Investment in TransVoyant for Intelligent, ‘Self Aware’ Supply Chain Platform
TransVoyant's technology stops supply disruptions to ensure timely delivery of life-saving medicines
ALEXANDRIA, Va., December 13, 2022--(BUSINESS WIRE)--TransVoyant, the world’s only global intelligent supply chain execution platform, announced it has closed its first strategic growth equity financing co-led by Merck Global Health Innovation Fund (MGHIF) and P74 Ventures, bringing the company’s total funding to more than $30 million.
TransVoyant will use the funding to scale and expand use cases across the life sciences value chain. The company’s platform analyzes billions of data points across thousands of sources, continually combining internal data with information from ecosystem partners, IoT devices and OT systems to proactively offer timely insights on past, present, and future supply chain behavior.
"As supply chains expand and become more complex, TransVoyant’s capabilities provide a potential game-changer for biopharmaceutical manufacturers," said Joe Volpe, Managing Director, Global Health Innovation Fund and General Manager Global Health Innovation PE Fund, LLC. "Autonomous, end-to-end supply chains driven by situational awareness in addition to improving efficiencies for life sciences organizations, offer the potential to improve patient outcomes."
TransVoyant’s autonomic global supply chain platform tracks material, manufacturing, and product behavior–along with temperature and other environmental factors–to maintain product quality, regulatory compliance, and customer trust. Proprietary artificial intelligence and machine learning programs enable the platform to analyze supply chain, manufacturing, market, and risk data to continuously uncover potential issues and root causes, then offer real-time intervention services by suggesting next steps to customers and their trading partners.
Monitoring supply chains in real time is critical in the life sciences industry, where the delivery of life-saving medicines is often time-sensitive. Among pharmaceutical manufacturers, Merck intends to maintain its leadership in supply chain optimization.
With its new financing, TransVoyant will scale to reach new customers and expand its platform’s use cases.
"Our customers tell us that by using our technology they avoid costly supply chain problems altogether instead of dealing with them after they happen," said Dennis Groseclose, TransVoyant’s CEO. "This feedback inspires us to keep innovating, and continue adding automation, agility, and resilience to the platform."
Within the next decade, TransVoyant and its growing base of customers will create global autonomic supply chains--self-aware supply chains acting independently--to orchestrate, regulate, and optimize business functions, decisions, and customer service across complex global value chains. In addition to Merck and McKesson Corp., TransVoyant offers supply chain intelligence and real-time intervention services to life sciences leaders: United Healthcare, Convatec and DSM.
"TransVoyant’s proprietary platform and algorithms were born during complex, real-time national security and global supply chain challenges," said Jeremy Sohn, founder of P74 Ventures. "These challenges will only increase over time, along with the potential for disruptions, as supply chains grow more intricate and reach more countries. We must go further than creating life-saving medicines; we need to ensure they get to the patients who need them without complications or delays. With an intelligent supply chain, we will be able to improve the lives of patients worldwide while enabling new business models and lowering costs."
TransVoyant is the first and only global intelligent supply chain execution platform. Founded in 2012, the company drives autonomic supply chains for its customers. These self-aware supply chains act on their own to orchestrate, regulate, and optimize business functions, decisions, and customer service across complex global value chains. Key life sciences customers include Merck, McKesson, United Healthcare, Convatec and DSM. Learn more at transvoyant.com. Follow at LinkedIn.
About Merck Global Health Innovation Fund
Merck Global Health Innovation Fund (MGHIF) is a growth investor partnering with innovative digital health and data science companies that facilitate and optimize biopharmaceutical operations with the goal of improving patient care. With access to Merck’s (known as MSD outside United States and Canada) expertise in clinical development, commercialization, supply chain management, and regulatory compliance, MGHIF is building an ecosystem of companies creating integrated health care solutions. MGHIF has distinguished itself as a leader in digital health by using its $500 million evergreen fund to invest more than $1 billion in more than 70 emerging companies, generating more than $7 billion in exits. For more information, visit www.merckghifund.com or www.merck.com and connect with Merck on Twitter, Facebook, Instagram, YouTube and LinkedIn.
About P74 Ventures
P74 Ventures is a leading pharma-tech venture fund -- focused on both founding and investing in technology companies that drive innovation and business model transformation within the life sciences industry. While the pharma industry is making significant strides developing novel therapies that transform how we treat disease, drug costs, patient access, and HCP awareness remain the largest obstacles to improving global health & wellness. P74 believes that technology-driven business model innovation is critical to eliminate these obstacles and has even more potential to multiply the impact of pharma’s scientific breakthroughs by accelerating and expanding access to reach billions of more lives. P74’s Managing Partners have been at the forefront of pharma’s innovation efforts for the last decade and launched the Fund in 2022 to continue those efforts. For more information visit https://www.p74ventures.com/.
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