SupplyScape™ raises $7 million to fuel growth of universal, electronic pedigree
CAMBRIDGE, MASS. (March 30, 2005) - As the pharmaceutical industry moves closer to the full-scale implementation of a nationwide, standard tracking system, known as Universal Pedigree, to fight against counterfeit drugs, a cadre of firms today announces its investment into one of the leading providers of pedigree solutions, SupplyScape(TM) Corporation. IDG Ventures, North Bridge Venture Partners and Pilot House Ventures have invested $7 million into the Cambridge, Massachusetts-based software manufacturer. In addition, SupplyScape announces the appointment of former Bristol-Myers Squibb CIO Jack Cooper to its board of directors.
"Over the past year, SupplyScape has worked hand-in-hand with government agencies and the pharmaceutical industry to develop a universal, electronic pedigree solution, which provides a common approach to finally stemming the tide of counterfeit drugs," said SupplyScape President Shabbir Dahod. "This investment of capital and the appointment of Mr. Cooper prepare the company to meet the industry demand for pedigree solutions as more states adopt the model developed in Florida, which requires pedigrees for all drugs by July 2006."
Universal Pedigree: Paving the Way to a Safer Drug Supply
Since 1987, the FDA has urged the pharmaceutical industry to increase patient safety by tightening the supply chain's vulnerability to counterfeits. Several states now mandate a drug pedigree, a certificate of authenticity detailing a drug's movement through the supply chain. Without the pedigree, it is difficult to determine where a drug has been and if it is safe. Now with the creation of a universal pedigree model, derived from federal and state laws established throughout the country, companies in the pharmaceutical supply chain can adopt a single format that allows pedigrees to be implemented in electronic or paper formats.
"With a universal pedigree in place, we anticipate rapid, national adoption of pedigree solutions for the full supply chain from manufacturer to wholesaler to pharmacy," said Jack Cooper, former CIO, Bristol-Myers Squibb, and newest member of SupplyScape's board of directors. "And safeguarding the supply chain is only the first benefit. SupplyScape's solution provides enormous business value for the long-term, including streamlining business operations, improving the speed and quality of shipping and receiving, and expediting returns processing and improving recall precision."
According to Jeffrey Beir, general partner, North Bridge Venture Partners, his firm was particularly impressed with the market positioning of SupplyScape's solutions. "The SupplyScape team has done a fabulous job creating this opportunity and is optimally poised at the nexus of technological innovation, market requirements and regulatory momentum," said Beir. Co-founder and CEO of eRoom Technology, Beir was most recently Executive Vice President of Products for Documentum, a division of EMC.
"SupplyScape is a leader that continues the definition of standard technology and long-term solutions," said Chip Hazard, managing general partner, IDG Ventures. "Working with the largest and most important companies in the pharmaceutical industry and state and federal regulators, SupplyScape has emerged as one of the major forces helping set the standards for the entire industry."
"Technology innovation and industry leadership have driven the company's success so far," said Stephen Van Beaver, general partner, Pilot House Ventures. "By inventing the electronic pedigree, this team reduced the burden of paper pedigrees for customers and transformed the regulatory requirement into strategic benefit for companies of every size in the Pharma supply chain industry."
About IDG Ventures
IDG Ventures is a global venture capital firm with approximately $700 million under management and a portfolio of over 125 companies built over the last 12 years. With offices in Boston, London, San Francisco, Seattle, and throughout China and Vietnam, the firm invests in early-stage companies, partnering with entrepreneurs to build category leaders. The firm's limited partner, International Data Group (IDG), is the world's largest IT media, research, and event company. Through this partnership, IDG Ventures can uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, visit www.idgventures.com.
About North Bridge Venture Partners
North Bridge Venture Partners is an active, early-stage venture capital firm based in the Boston area. With approximately $1.3 billion under management, North Bridge focuses on investments in the communications, software and other technology markets. Working closely with entrepreneurs, North Bridge adds value by providing strategic guidance, specific industry knowledge, team-building skills and an in-depth understanding of both private and public financings. Past investments include ArrowPoint Communications, Cascade Communications, eRoom Technology, Phase Forward, Solidworks, Sonus Networks, Sycamore Networks and Wellfleet Communications. For more information about the company, please visit www.nbvp.com.
About Pilot House Ventures
Pilot House Ventures is a venture capital firm focused on investing in early stage technology companies. Based in Boston, Massachusetts, Pilot House Ventures' investment professionals employ their significant operating, technology and financial experience to help entrepreneurs build successful companies. Pilot House Ventures strives to provide its portfolio companies with strategic guidance and industry-specific knowledge and resources. For more information, please visit www.pilothouseventures.com.
About SupplyScape
Based in Cambridge, Mass., SupplyScape provides electronic pedigree software and expertise to safeguard and secure the pharmaceutical supply chain. A leader in defining a standards-based electronic pedigree solution for the pharmaceutical industry, the company's executives help manufacturers, wholesalers, distributors and pharmacies derive sustainable business value from their investments in electronic pedigree and supply chain security. SupplyScape is the solution architect for the Capgemini Drug Security Network which is built on the SupplyScape E-Pedigree system. Additional information about SupplyScape is available at www.supplyscape.com.
