Throughout the COVID-19 pandemic, supply chains have actually suddenly ended up being hot. Who understood that would ever occur? The race to protect PPE, ventilators and small things like food was and still is a huge issue. Perhaps, predictably, the world of “supply chain software application” could use some updating. Most of the platforms are released “empty” and need the customer to occupy them with their own data, or “bring their own information.” The UIs can be obsoleted and still need to be juggled with manual and offline workflows. Start-ups working in this space are now attracting some prompt attention.
Therefore, Craft, the enterprise intelligence business, today announces it has actually closed a $10 million Series A financing round to construct what it identifies as a “supply chain intelligence platform.” With the new financing, Craft will expand its workplaces in San Francisco, London and Minsk, and grow remote groups throughout engineering, sales, marketing and operations in North America and Europe.
It takes on some big incumbents, such as Dun & & Bradstreet, Bureau van Dijk and Thomson Reuters. These are standard data suppliers focused primarily on offering financial information about public business, rather than real-time data from data sources such as running metrics, human capital and threat metrics.
The idea is to enable companies to monitor and enhance their supply chain and business systems. The funding was led by High Alpha Capital, together with Greycroft. Craft likewise has some high-flying angel investors, including Sam Palmisano, chairman of the Center for Global Enterprise and former CEO and chairman of IBM; Jim Moffatt, former CEO of Deloitte Consulting; Frederic Kerrest, executive vice chairman, COO and co-founder of Okta; and Uncork Capital, which formerly led Craft’s seed funding. High Alpha partner Kristian Andersen is joining Craft’s board of directors.
The problem Craft is attacking is an absence of presence into intricate worldwide supply chains. For obvious factors, COVID-19 disrupted international supply chains, which tended to expose a great deal of risks, structural weaknesses across markets and a lack of intelligence about how it’s all holding together. Craft’s solution is a proprietary information platform, API and portal that incorporates into existing enterprise workflows.
While many business intelligence items need clients to bring their own data, Craft’s data platform comes pre-deployed with information from countless alternative and monetary sources, such as 300+ data points that are revitalized using both Artificial intelligence and human recognition. Its open-to-the-web business profiles appear in 50 million search results page, for instance.
Ilya Levtov, co-founder and CEO of Craft, said in a statement: “Today, we are concentrated on supplying powerful tracking and presence to business supply chains, while our supreme vision is to develop the intelligence layer of the business technology stack.”
Kristian Andersen, partner with High Alpha commented: “We have a deep conviction that supply chain management remains an under-innovated and underinvested category in enterprise software.”
In the very first half of 2020, Craft claims its revenues have grown almost threefold, with Fortune 100 companies, government and military companies, and SMEs among its customers.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.