Vamstar raises $9.5 million in a first round of funding to expand its AI platform business
The platform aims to simplify the procurement and supply processes for hospital administrators and healthcare service providers in the UAE
Vamstar, the global platform for the sourcing and procurement of medical and pharmaceutical supplies powered by artificial intelligence, has announced that it has raised $9.5 million in a seed funding round. Alpha Intelligence Capital and the Dutch Founders Fund led the initial funding round, which also included a number of existing investors such as btov Partners and Antler. This investment will contribute to enhancing the platform’s ability to deal with any future disruptions that may occur in the supply chains of the healthcare sector in the UAE.
Vamstar is looking to use this investment to accelerate market and product development plans, deploy artificial intelligence techniques to develop its platform for exchanging consumables and medicines, improve data quality to accelerate e-commerce operations, and digitize procurement and supply processes for buyers and suppliers across the world.
In line with the government’s drive to enhance digital transformation in the healthcare sector, the AI-powered “Vamstar” platform is looking to bridge the gap in the healthcare supply chain. The global healthcare industry lacks an organized procurement system capable of integrating data, processes, people, and technology across the supply chain.
Globally, the healthcare industry lacks an organized procurement system capable of integrating data, processes, people and technology across the supply chain. Despite advances in other industries, hospital procurement processes have not been digitally integrated with suppliers’ business operations, resulting in supply chain inefficiencies and inefficiencies. There is an urgent need not only to learn the benefits of digitizing procurement and supply processes to reduce transaction costs, but to develop data foundations for the development of quality and value-based healthcare processes.
Digitizing the healthcare industry’s trade processes
Vamstar was founded in 2019 by Prafull Mehta, Richard Freeman, and Vishish Dogar to address the failures in sourcing and procurement processes in data integration and user interaction. Vamstar combines the best features and functionality that simplify the healthcare procurement and sourcing processes using the latest technologies such as machine learning, deep learning, and natural language processing to connect billions of data points across the supply chain, providing real-time market information and data, as well as Develop digital commerce operations through the availability of an advanced e-procurement platform.
“We see a huge opportunity for Vamstar in an underserved market, as the platform can contribute to the development of the healthcare procurement system,” said Terry Chu, Partner at Alpha Intelligence.
Vamstar distinguishes itself from competitors in its ability to harness the capabilities of artificial intelligence and natural language processing to advance healthcare procurement, and the combination of these capabilities with the strategic vision of the founders Bravol, Richard, and Fishish will set an advanced standard for the development of the procurement process for the healthcare industry.”
Prafull Mehta, founder, and CEO of Vamstar, said: “Healthcare supply chains are under tremendous pressure with ongoing crises such as the COVID-19 pandemic, the war in Ukraine, and high inflation. There is very little data available that helps healthcare purchasing managers and suppliers make informed decisions at the right time. At Vamstar, we look forward to supporting all parties involved in the supply chain, including specialists, doctors, hospital officials, and suppliers, and enabling them to collaborate and interact in innovative ways that contribute to creating strong and solid relationships. Creating greater value for the entire healthcare system can only be achieved by providing a shared vision for collaboration and leveraging the massive capabilities of data.”
The Vamstar platform connects buyers and suppliers electronically to automate transactions and flow processes across the supply chain globally. The platform is used by companies and organizations that connect suppliers such as pharmaceutical companies, consumables and medical supplies, and technology and digital services companies, with buyers from the public and private sectors such as hospitals, laboratories, health insurance companies, clinics, businesses, and universities.
Buyers can use machine learning capabilities to search through supplier listings and brochures; or launch new tenders and identify events using automated workflow capabilities; or receive bids and quotations in priority order; Or place orders electronically and automate purchase and payment (S2P) processes. In return, suppliers can get priority access to tenders, requests for proposals, and direct orders from 86,000 hospitals and clinics across more than 100 countries directly or within CRM and ERP platforms; In addition to the ability to access forecasts using machine learning and natural language processing techniques, bid award data with virtual supplier profiles, as well as the ability to receive orders electronically and automate ordering and payment processes.