The track and trace solution provider for the pharmaceutical industry, AltiusHub secured 2.25 million USD in its seed funding round from Endiya Partners. The funding round saw the participation of the firm’s several new and existing investors. The company plans to use these fresh proceeds to scale its operations, hire talents, enhance its engineering teams, and develop its market presence.
AltiusHub provides a manufacturing supply chain visibility software that helps manufacturing companies secure their supply chain in the pharma industry. The startup also offers warehousing solutions and tracking services across the pharmaceutical sector. The firm helps in preventing counterfeit medicines from entering the supply chain.
AltiusHub’s SaaS platform empowers companies to track and trace products from production to the final sale stage while meeting global regulatory standards such as EU FMD, US DSCA, and India’s iVeda for product integrity. The company has raised around $2.25 million across one funding round since its inception, this marks the first funding round. The development came just after the startups in this sector saw increased investor interest.
The company offers its services to businesses and assists them in providing quality products while checking product integrity throughout the supply process. This funding amount will enable the startup to enhance its platform and solidify its presence in the pharma market. The managing partner at Endiya Partners, Sateesh Andra highlighted that the advanced SaaS platform by AltiusHub empowers pharma businesses to track and trace their production till final sale. The company faces competition from other supply chain providers in the same sector such as Asimily, Controlant, and TraceLink. This investment shows the investor’s trust in AltiusHub’s market potential and business model.
The CEO of AltiusHub, Vijay Kumar told inc42 that the startup was launched to remove the concerns about vulnerabilities in the traditional supply chains. The consequences of counterfeit products in industries like Pharmaceuticals can be dangerous and to remove these challenges the company was established. The startup aims to transform the supply chain process in the pharmaceutical industry. The market research showed that the global track and trace market is expected to reach 7.3 billion USD in the next two years. Inc42 reported. India’s chemical market was valued at around $220 billion in 2022 and it is projected to reach $300 billion by 2025.
Conclusion :
Manufacturing supply chain visibility software Altiushub secured 2.25 million USD from Endiya Partners in its seed funding round. The funding round saw the participation of other investors including family and friends. The company intends to use these fresh proceeds to scale its operations, develop its market presence, hire new talent, and improve its performance capability.
The platform helps pharma companies to track and trace products while ensuring product integrity. The startup wants to transform the supply chain ecosystem and introduce more efficient ways to help brands in product sales. The development came just when the chemical market in India saw increased investor interest. The company competes with other platforms in the same market segment such as Asimily.
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