Rapid technical sophistication and the emergence of several innovative new startups have made healthcare IT one of the most promising sectors of the medtech industry. Indeed, experts predict the medtech services market will be worth $390.7 billion by 2024.
Consequently, firms with innovative products and smart business models stand to profit immensely in the coming years. Veratrak, an emerging startup that just received a $1 million cash injection, looks to be one of those companies.
What is Veratrak?
Based in London and founded in 2018, Veratrack’s main product is a pharmaceutical industry document collaboration and workflow management platform. Notably, the software as a service (SaaS) company provides tools that have the potential to become standard in the pharmaceutical industry.
The organization’s platform allows partnered organizations to sign, review, authenticate, and transmit essential documents throughout the supply chain. Additionally, the company offers its clients an “iron-clad audit trail” that generates required documentation beginning at production and ending at the distribution of medication.
Moreover, Veratrak’s program lets users across the supply chain seamlessly communicate via blockchain. As such, the platform automatically and securely fulfills regulatory requirements placed upon pharmaceutical manufacturers, logistics companies, medical professionals, and pharmacists.
Similarly, the startup’s ability to provide a critical service in compliance with government mandates sets the company apart from firms like DocuSign. The company made it a priority to offer a track and trace product with unparalleled functionality.
“From the inception of Veratrak, we have built our software to be GAMP 5 compliant, to the highest security and quality standards,” Veratrak CEO and co-founder Jason Lacombe told Tech Crunch. “And we have worked alongside users at pharmaceutical and life sciences companies to test our solution and provide feedback on what we are building.”
Veratrak’s Notable Investors
The healthcare technology startup’s mission to effectively digitize the pharmaceutical supply chain has attracted some high-profile investors. In 2018, the firm acquired a total of $200,000 in seed funding from two leading European venture capital (VC) firms.
Earlier this month, Veratrak acquired a $1 million investment in another speed round. In addition to receiving more VC funding, the company also received contributions from ex-Microsoft corporate strategy head Charlie Songhurst. Notably, Songhurst is now an executive vice president for Vectura Group, a major British pharmaceutical company known for its high-value acquisitions.
Given the innovative nature of Veratrak’s services, it won’t be surprising if the company greatly expands its market share soon. After all, the medtech industry is a veritable gold mine. Consistently, in gold rushes, companies that sell mining tools always get rich.