Healthcare marketplace developer Vamstar raised $1.7 million (1.4 million euros) in seed funding to further develop its artificial intelligence (AI) technology for healthcare equipment procurement, which has been disrupted during the pandemic.
The firm plans to introduce data-driven decision-making to the global healthcare supply chain in the form of an artificial intelligence-driven B2B marketplace that eliminates manual processes in sourcing and procurement. Vamstar will use data science to connect buyers with suppliers in the supply chain, enabling real-time profiling of suppliers and buyers and matching recommendations across contracts, tenders, and direct purchases.
Vamstar will use the funding to focus on building use cases to demonstrate the effectiveness of its technology. Vamstar plans to grow globally from the U.K., Germany, India, and the U.S. by the end of 2021, according to the company.
