June 21, 2021 -- Labviva raised $8 million in seed capital funding to develop new product lines and invest in operations and customer software as a service (SaaS) platforms.
Labviva is an enterprise gateway marketplace (EGM) that integrates with major procurement software such as SAP Ariba, Jaggaer, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa, which allows organizations to coordinate their demand with outside vendors who fulfill on the supply side. Purchasers of lab supplies, reagents, consumables, and laboratory equipment can source from any supplier in the Labviva network without individually onboarding each vendor.
The platform also provides scientific insight about the products and allows customers to have access to analytics typically not offered by other suppliers, according to the firm. For instance, customers will be able to discern if items are appropriate for their research.
Updates are dynamic and purchasing departments are ensured compliance because their rules and governance remain in place, Labviva added.
This is the firm's second major capital raise.