True Global invests $8.3m into healthcare blockchain firm

Global VC firm True Global Ventures has invested US$8.3 million via its blockchain-focused fund into Chronicled, which automates transactions between trading partners in the life sciences industry.

Dušan Stojanović, founder of True Global Ventures / Photo credit: True Global Ventures

A Fortune 50 global tech giant and other private investors also backed Chronicled. The US-based healthcare blockchain firm has raised a total of nearly US$16 million since its series A round in early 2019.

Chronicled said its series B financing is slated to close later in 2022.

The startup offers trading partners a solution to manage revenue, automate manual processes, and cut revenue leakage, while providing pricing accuracy and efficiency for healthcare providers and dispensers.

Chronicled’s solutions eliminates chargeback errors and disputes by enforcing contract business rules between trading partners. It also allows product verification before salable returns, which includes sub-second verification of identification data for US prescription drugs against original manufacturer data.

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“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 Web 3.0 and open network models to find how the best of ‘old world’ and ‘new world’ can come together,” said Susanne Somerville, CEO of Chronicled. 

True Global Ventures’ blockchain-focused fund, TGV4 Plus, invests primarily in series B and C rounds across four verticals: entertainment, infrastructure, financial services, and data analytics and AI.