Singapore venture capital firm True Global Ventures (TGV) has invested $8.3 million into United States-based healthcare blockchain firm Chronicled via its a blockchain-focused equity fund True Global Ventures 4 Plus (TGV4 Plus) Fund.
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 its Series A financing in early 2019 to approximately $16 million, Chronicled said in a statement. It also noted the Series B is slated to close later in 2022.
“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” said Susanne Somerville, Chief Executive Officer 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,” she said.
Chronicled is a San Francisco-based technology company, enables automation, trust, and automatic settlement for inter-company transactions in the life sciences and healthcare industry. Its aim is to eliminate all unnecessary administrative costs and open “blue sky value” and new business models to enable improved delivery of healthcare. Through the industry leading blockchain-powered MediLedger Network, Chronicled offers trading partners a new way to manage revenue, automate manual processes, and eliminate revenue leakage, while ensuring pricing accuracy and efficiency for health care providers and dispensers.
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 it offers today can eliminate chargeback errors and 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.
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.
“We are very impressed with the entire team of Chronicled who we have followed since 2018. It is 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,” said TGV4 Plus Partner, Dusan Stojanovic.
TGV4 Plus is a global venture capital firm built by a group of serial entrepreneurs with a solid track record of investing their own money together with Limited Partners into ventures run by serial entrepreneurs. Portfolio companies leverage blockchain as competitive advantages to drive change with proven products. TGV is a distributed fund with a presence in 20 cities, including Singapore, Hong Kong, Taipei, Dubai, Abu Dhabi, Moscow, Stockholm, Paris, Warsaw, New York, San Francisco, and Vancouver.
With the recognition of innovative blockchain and non-fungible token (NFT) use cases, TGV4 Plus said it 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.
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