True Global Ventures 4 Plus (TGV4 Plus) Fund has invested US$8.3 million into Chronicled, a company that focuses on establishing trust and automating transactions between trading partners in the Life Sciences Industry vis-a-vis the MediLedger Network.
The Life Sciences Industry is uniquely complex in how pharmaceutical drugs move from manufacturers to serving patients. Beyond the supply chain there are regulatory requirements, complicated pricing and contracting relationships, and a long list of exceptions to every industry standard for how trading partners do business together.
Blockchain presents an opportunity where the contracts, data, and transactions exchanged between trading partners can be recorded with veracity and verifiable pedigree, which means automation can extend beyond internal systems.
Chronicled has a rare combination of experience in both blockchain and the life sciences industry that enables the industry to solve these problems in a way nobody else in the world can do.
The commercially available solutions that they offer today can eliminate chargeback errors & disputes by enforcing contract business rules between trading partners, and also allow for product verification prior to saleable returns, which includes sub-second verification of product identification data for US prescription drugs against original manufacturer data.
“We are truly excited to have TGV as investors. They have demonstrated their experience in the evolution of blockchain based business models, coupled with the leadership in investing in Web3 winners” says Susanne Somerville, CEO of Chronicled. “We are eager to get their experience on board as we partner with the life science industry to demonstrate what enterprise blockchain architecture will be. We have shown the industry it is possible for competitors and trading partners to come together in a secure, trusted network and all win – we are looking ahead at Web3 and open network models to find how the best of ‘old world’ and ‘new world’ can come together.”
“We are very impressed with the entire team of Chronicled who we have followed since 2018”, TGV4 Plus Partner, Dusan Stojanovic comments. “It’s also the first time we are finally backing a female entrepreneur and what an entrepreneur! Rarely can one find someone with such deep pharma/healthcare knowledge AND blockchain competence. Chronicled has a very strong position with enterprise Pharma blockchain and is the clear leader in the US market. We have invested substantially in Web3 in the gaming and entertainment sector where interoperability is and will be key. We see some of these trends being as important if not more important in the pharma Web3 industry.”
The MediLedger network was founded in 2017 by life sciences industry veterans Susanne Somerville and Eric Garvin who have 20+ years’ experience in the global pharma industry, along with serial entrepreneurs Ryan Orr and Maurizio Greco who have 20+ years’ experience building technology companies in Silicon Valley.
In addition TGV4’s investment, a Fortune 50 global technology giant and other private investors also contributed investment dollars, bringing the total raised by Chronicled since it’s Series A financing in early 2019 to approximately $16m. The Series B is slated to close later in 2022.
With the recognition of innovative blockchain and NFT use cases, TGV4 Plus continues to invest in talented serial entrepreneurs leading globally ambitious blockchain start-ups. The fund is dedicated to blockchain companies, primarily in late-stage Series B and C across three verticals: Entertainment, infrastructure, financial services, data analytics and artificial intelligence (AI). Founded by an international group of ‘super angels’, TGV’s partners are entrepreneurs, business angels, family offices, and institutional investors, many with co-investment rights in future equity rounds.