TraceLink Tracks Down $60M to Fight Counterfeit Drugs Worldwide
Xconomy Boston — A global proliferation of subpar and fake prescription drugs is driving more investment into businesses combating the problem with new software-based systems for tracking the supply chain of pharmaceuticals.
TraceLink is one of those companies on the rise, and the North Reading, MA-based firm recently raised $60 million in a new venture capital round, according to a document filed with the SEC. That brings TraceLink’s total equity funding to at least $137.2 million, per SEC filings. Its investors include Goldman Sachs, FirstMark Capital, Volition Capital, and F-Prime Capital. TraceLink officials couldn’t be immediately reached for comment Monday morning.
TraceLink sells cloud-based software that enables companies in the pharmaceutical industry to perform various tasks around authenticating and tracking the drugs they work with. That includes meeting regulatory compliance standards, storing what can be a massive amount of data created by tracking individual packages of drugs, and interacting with other companies that use TraceLink (such as manufacturers coordinating with distributors).
As Xconomy has reported, the nine-year-old company aims to not only let customers track large amounts of data, but its software is also meant to let them exchange data on the platform, almost like a social network, co-founder and CEO Shabbir Dahod said in a 2015 interview.Back to News