Another exciting addition to our portfolio, as we welcome Veratrak to the Seedcamp nation. Veratrak offers blockchain-based enterprise software to drive efficiencies in the pharmaceutical supply chain. With a strong team comprised of University of Oxford alumni bringing a wealth of technology and industry expertise, we’re thrilled to lead their pre-seed round of £175k and support the team on their mission to increase security, efficiency and auditability across the supply chain.
Veratrak has collaborated with Fortune 500 and FTSE 100 pharmaceutical companies to better understand the pain points that exist in their supply chains. Veratrak’s document and workflow management platform allows pharmaceutical supply chain companies to share information with greater ease and increased security when compared to current solutions offered in the industry. The Veratrak platform can be used on any device, and is interoperable with companies existing systems. Veratrak leverages blockchain technology to create an ironclad audit history of documentation changes, mitigating the risk associated with documentation tampering. Founders Jason Lacombe and Matthew Wilson met while studying at the University of Oxford. Before attending Oxford to do a PhD in the Medical Sciences Division, Jason worked as a health economist examining the cost of medicines and the distribution of those medicines using microsimulation modelling. Jason was determined to find a way to make medicine more affordable, safe and transparent for everyone, and was surprised to see so many bottlenecks and inefficiencies in the supply chain. Matthew brings expertise in product management and technology from a background in digital consultancy. When Jason and Matthew reconnected after Oxford, Matthew was building one of the first Electronic Medical Records blockchain projects globally, and jumped at the idea of starting Veratrak with Jason.
Matthew Wilson, co-founder of Veratrak says, “Efficient pharmaceutical supply chains are essential for delivering high quality, cost effective and increasingly personalised medicines. Traditionally, the pharma supply chain lagged behind other industries’ supply chains in-part due to a lack of need to innovate in areas outside of R&D. For many years Pharma has relied on high margin patented medicines and has out of date technology solutions. However, with the rise of generics, patent cliff, and increasingly stringent regulations such as the European Union Falsified Medicines Directive, companies are now looking to unlock additional value through innovating and digitising their supply chain processes. The vast majority of documentation is currently shared over email, fax or through the post. Our cutting-edge solution gives supply chain companies a new way to work together with their customers, suppliers and partners to deliver medicine to patients in a safe, efficient and secure manner. We’re delighted to be backed by Seedcamp and to work together with them to transform the way that pharma supply chain companies collaborate.”
On the investment, Seedcamp Partner, Tom Wilson, comments, “Veratrak’s product has the potential to revolutionise the way critical documentation is stored and collaborated on across the pharmaceutical supply chain. Large parts of this hugely valuable supply chain are still using paper based processes. As such, we see a real opportunity for Veratrak’s approach of creating a shared workspace that utilises blockchain technology to ensure the security of documentation handovers.”
Visit https://veratrak.com to learn more about Veratrak and to get in touch for a demo.