Funding Round attributes
The funding round was led by 53 Stations, with continued participation from Biospring Partners, B Capital Group, and Glasswing Ventures. As part of this investment, Jason Pritzker, Co-Founder and Managing Partner of 53 Stations, will join Labviva's Board of Directors.
Over the past year, Labviva has demonstrated significant growth, doubling its revenue and tripling the number of transactions on its platform. The newly secured funds are earmarked to accelerate product development, enhance marketing efforts, bolster customer support, and facilitate international expansion.
Jason Pritzker commented on Labviva's progress, stating, "Successful AI companies deliver enormous efficiencies with the right balance of speed, scale, and human-AI collaboration. This year, Labviva did just that, transitioning from the industry's 'best kept secret' to the go-to resource for accelerating the pace of science." He further expressed enthusiasm about supporting Labviva's next phase of growth.
The life sciences sector is increasingly adopting AI technologies, with projections estimating the AI market in life sciences to reach $11 billion by 2033, primarily driven by pharmaceutical and biotech industries. Labviva's platform applies AI to enhance laboratory efficiencies, aiming to save scientists time and resources while expediting research innovations.
Siamak Baharloo, CEO and Co-Founder of Labviva, emphasized the company's strategic focus: "We've been laser focused on building close customer and supplier relationships and deploying solutions that drive instant, long-term results. This strategy paid off because today, we've reached an inflection point that positions Labviva for massive growth." He also highlighted the value of 53 Stations' operational expertise and the continued support from existing investors in fueling new innovations and market expansion.
