- claims to have reduced the typical procurement day by 40 %
- Local development and digitalization of AI-powered procurement will be funded through funding.
In its most recent investment round, Kyberlife, Singapore’s leading B2B healthcare e-commerce platform, raised US$ 3 million ( RM13.3 million ), led by Singapore’s leading B2B venture capital firm 5I Ventures, with East Ventures, A2D Ventures, and NUS Alumni Ventures as partners. The new funding will help the startup expand its local footprint and realize its goal of reviving the heath procurement process.
The Eastern health sector is expanding, and McKinsey projects that it will account for one-third of international sales by 2025. Acquisition of crucial test technology has become more difficult and time-consuming due to changes in supply chains and fresh compliance requirements. To address these issues, Kyberlife has developed an online industry that connects international researchers and suppliers to research facilities, medical facilities, and research centers in Southeast Asia.
With its open digital marketplace concept, Kyberlife, which is based on a platform-as-a-service ( PaaaS ) model, claims to revolutionize the sourcing process. The program offers a wide range of products, including lab equipment and life-science equipment, with 1.2 million products from 160 brands.
The startup’s ability as a one-stop shop allows academic and research labs, as well as other medical institutions, to purchase important equipment, breaking the mold of drawn-out sourcing procedures, extensive lead times, and transparent pricing common of traditional procurement. The program claims that by digitizing manual processes and streamlining the supply chain, the average sourcing period has been reduced by 40 %.
The platform’s proprietary technology is built to work smoothly with existing purchasing enterprise resource planning systems and direct-to-consumer online workflows. The business has improved the buying and selling knowledge over the past year by incorporating cutting-edge technologies like AI and data analytics to create personalized product recommendations.
Kyberlife stated that its most recent funding round will encourage geographical expansion and that it will put an emphasis on expanding into Indonesia by bringing in local vendors to expand internationally. Additionally, it intends to expand its customer and dealer network in Southeast Asia, with a goal of a twofold increase in its vendor portfolio in the next three years. Also, the startup has plans to invest in AI to improve the quality of products, improve procurement, and reduce the need to rely on sourced and acquired goods for sustainability.
“Kyberlife is a program created by professionals, specifically for professionals. Our goal is to make the complicated and time-consuming steps that scientists must take to obtain lab equipment and supplies for R&, D in the medical sector simpler. Ryan James Lim, co-founder and CEO of Kyberlife, expressed his gratitude for the ongoing help and look forward to collaborating with more care providers to advance R&, D attempts in Singapore and the broader Southeast Asia region.
We invest in businesses that undermine business and offer flexible options at 5I Ventures. Dieter Schlosser, managing companion at 5I Ventures, said that Kyberlife’s revolutionary approach to purchasing is a game-changer for the life sciences sector.
In the meantime, A2D Ventures ‘ general partner Ankit Upadhyay said:” We support Kyberlife’s ability to redefine how government institutions, laboratories, and healthcare facilities access crucial supplies. Our goal is to support revolutionary startups because of their system’s capacity to grow and inspire innovation in a sector that has millions of lives in it.
Wesley Tay, the superintendent at East Ventures, stated:” We believe Kyberlife may make a difference in digitizing and streamlining procurement processes in the medical and life sciences area in Southeast Asia and above, while also bringing local medical institutions greater admittance to international suppliers. We’re delighted to have Kyberlife join the East Ventures ecosystem, and we’re optimistic about their success.
A roster of supporters has been drawn to Kyberlife since its founding in 2021, including Maya Hari, a former global vice president at Twitter, professor Jeremy Lim, a former CEO of AMiLi, and Dr. Michael Gorriz, a former global CIO of Standard Chartered Bank, all of whom have contributed significantly to the company’s expansion.
Leading suppliers like Merck, Zymo Research, DKSH, Eppendorf, and Sartorius have been signed up to date through the platform, which includes over 160 global brands and 1.2 million SKUs. It provides major clients, including the National Cancer Center of Singapore, Duke-NUS, Nanyang Technological University, and National University of Singapore.