Qualifyze Raises $54m to Boost Supplier Risk Management in Life Sciences

FRANKFURT, Germany, Sept. 10, 2024 /PRNewswire/ -- Qualifyze, a trusted company in supplier risk management in the Life Sciences industry, today announced $54 million in Series B funding from global software investor Insight Partners, with participation from existing investors HV Capital, HarbourVest Partners, H14 and Cherry Ventures. With the new funding, Qualifyze aims to expand its operations into the US market, continue investing in its go-to-market strategy, and enhance its technology to improve supplier risk management globally.

Recognized for its global coverage of reliable and high-quality auditing services, Qualifyze offers an integrated audit management platform that streamlines compliance audits for Life Science companies. With a network of over 250 auditors and quality professionals worldwide, the company has ensured the highest quality compliance standards for over 1,200 companies to date by working alongside industry leaders such as Merck, Moehs, DSM, Olon, Siegfried, Teva, CordenPharma, Cipla, Dr. Reddy's Laboratories, Sun Pharmaceuticals, Sandoz and Mallinckrodt Pharmaceuticals.

Qualifyze's platform provides a centralized system to manage every aspect of audits (GxP, ESG, ISO, etc.), including planning, execution, and CAPA follow-ups and closure. By leveraging one of the world's largest databases of pre-existing audit reports and real-time supplier data, Qualifyze allows the quality, procurement, and supply chain functions to assess supplier performance and enable more accurate supplier risk profiling. This enhances overall operational transparency and regulatory adherence and significantly reduces the time and administrative burden typically associated with these processes.

From auditing service to trusted risk management partner

As the Life Sciences industry evolves, drug manufacturers face increasing safety requirements in their supply chain, making supplier management as crucial as customer relations. According to Gartner's 2024 findings, leading organizations are shifting from mere resilience to "antifragile" supply chains that leverage disruptions for competitive advantage. This shift highlights why effective supply chain risk management is now essential for ensuring long-term success in an increasingly uncertain environment.

In response to this trend, Qualifyze drew on data from over 3,000 audits conducted in more than 85 countries to launch its first analytics solutions in 2023. This positioned the company as a key partner in strategic risk management, providing unique insights into global compliance trends and supply chain quality. These tools help drug manufacturers meet compliance standards, gain valuable insights into supplier performance, and manage risks, ultimately resulting in faster time-to-market, lower inventory levels, and reduced Costs of Goods Sold.

"We have come a long way from our roots as a third-party auditing organization," said Dr. David Schneider, Founder and CEO of Qualifyze. "Expanding into the US market, forging strategic partnerships, and scaling our global operations are just the start. We're doubling down on enhancing our platform to deliver even more powerful insights for Quality, Procurement, and Supply Chain teams. With this funding, we're positioned to not only lead in supplier risk management but also set new industry standards, driving long-term value and innovation for our clients worldwide."

With the goal of accelerating supplier qualification and selection, Qualifyze started issuing a proprietary Quality Compliance Rating (QCR) certificate in 2024. The QCR functions like a scoring system, enabling drug manufacturers to quickly identify the most reliable partners while allowing those partners with superior compliance to stand out from their competitors.

Vote of confidence from investors

In addition to expanding operations, this new funding will accelerate Qualifyze's mission to become the key partner for strategic supplier risk management in Life Sciences by collecting actionable audit data from every supplier in the world, centralized within one digital platform.

"Qualifyze has established itself as a trusted partner for Life Sciences companies by transforming how supplier risk management is approached. We are excited to support David and the Qualifyze team as they expand into the US market and further develop their audit management platform, delivering insights that drive operational excellence and compliance in a complex industry," said Ryan Hinkle, Managing Director at Insight Partners. As part of the transaction, Hinkle will join Qualifyze's board of directors.

About Insight Partners

Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.

About Qualifyze

Founded in 2019, Qualifyze is a leading company in supply chain risk management in the Life Sciences industry, trusted by over 1,200 pharmaceutical and healthcare companies globally. Its suite of digital solutions connects manufacturers, suppliers, and a global network of more than 250 auditors and quality experts for a more streamlined collaboration. With a track record of over 3,000 audits across 85+ countries and the largest and most accurate supplier network and data analytics tools, Qualifyze stands as the all-in-one partner for quality compliance and supply chain risk management processes in the Life Sciences sector.

SOURCE Qualifyze