Company leverages AI to support 7X sales growth and company expansion
ATLANTA (January 28, 2021) – Verusen, the company that leverages AI to build the intelligent, connected supply chain, today announced an $8 million Series A co-led by Forte Ventures and Flyover Capital. The round includes new investment from BMW i Ventures and continued participation from Glasswing Ventures, Zetta Venture Partners, Kubera VC, and Engage. The funds will be used to support the company’s seven-fold sales growth in 2020, including its global expansion and scaled delivery of its purpose-built AI, machine learning (ML) and neural network technologies to create the self-learning supply chain for customers in more than 25 countries.
Verusen has experienced fast uptake by customers because it is the first company to deliver specific, results-driven materials management solutions that provide big benefits to the supply chain, and ultimately the bottom line. Verusen transforms how manufacturing and complex supply chain enterprises view their materials data, inventory and procurement. By delivering unmatched speed, scale, and value, Verusen provides material truth to global supply chains.
“As supply chains start on their digital transformations, we help them better understand their disparate and incomplete data and connect it to trusted business outcomes from the very start,” said Paul Noble, Verusen’s founder and CEO. “Verusen AI is purpose-built to deliver trusted material records and verify demand signals which influence one another to drive our proprietary trusted network optimization. This leads to unparalleled scalable inventory and procurement intelligence helping our customers achieve their material truth. We’re empowered by the confidence and support of Forte Ventures, Flyover Capital, and all our investors, as we continue to change the way supply chains work.”
An Unmatched Approach
Verusen’s supply chain optimization capabilities eliminate the traditional data cleansing approach. The technology enables an AI-based self-cleansing and harmonization of disparate supply chain data, while allowing real-time field knowledge input into its machine learning capabilities. The solution provides insights, speed, and scale to value in the reduction of stock/inventory levels, and more importantly the conservation of cash and working capital.
“Verusen has demonstrated an average of $10 million of verified savings opportunity within 90 days for its customers, including Georgia Pacific, Graphic Packaging, AB InBev, and many other manufacturers around the world,” said Tom Hawkins, Managing Partner, Forte Ventures. “We invested in the Verusen management team and believe in the strategic value that the company delivers to its customers in the market. We look forward to helping the company scale its business worldwide.”
“Verusen challenges leaders to think differently about the way their supply chains work, by eliminating the outdated traditional data cleansing projects that so many organizations are handcuffed to today,” said Keith Molzer, Managing Partner, Flyover Capital. “We are excited to invest in and collaborate with Verusen as they continue to build on a great global company that helps innovative manufacturers unlock the value in their data and optimize their business.”
“Verusen’s inventory optimization software has proven to save companies tens of millions of dollars in capex costs wasted on poor inventory management each year,” said Kasper Sage, Partner at BMW i Ventures. “There is significant room for improvement for optimizing across the supply chain in the automotive industry, where the number of parts in a single car can be in the tens of thousands. Verusen’s AI-driven approach for inventory optimization brings companies that must handle significant inventory loads one step closer to realizing the ultimate vision of the connected supply chain.”
“Having been an investor in Verusen since its inception, we recognized early on the Company’s potential to upend an industry ripe for disruption,” said Rudina Seseri, Founder and Managing Partner, Glasswing Ventures. “These unprecedented times have served to further emphasize the white hot opportunity and paramount importance for innovation in the supply chain industry. We are delighted to continue to support Paul and the entire Verusen team as they expand upon their transformative vision for an AI-fueled supply chain.”
Verusen has been named as a Top-40 Innovative Technology Company by the Technology Association of Georgia (TAG), and Paul Noble was named as a 2020 “Pro to Know” by Supply & Demand Chain Executive magazine.
Verusen is a Supply Chain Intelligence company focused on materials management that uses AI to provide complex global supply chains material truth for data, inventory optimization, and procurement intelligence. The company’s platform harmonizes disparate material data across many ERP instances/systems while providing trusted data across the enterprise to reduce inventory costs and build trust in production uptime. The result is a data foundation you can trust to fuel digital transformation and support related Industry 4.0 initiatives. The company is based in Atlanta at the ATDC. Visit verusen.com for more information, or follow us on Twitter at @Verusen_AI and LinkedIn.
About Forte Ventures
With offices in Atlanta and Silicon Valley, Forte Ventures is a multi-stage venture capital firm investing alongside leading Corporate VCs (“CVCs”) in technology and tech-enabled businesses located across the U.S. and Canada. Forte Ventures’ unique strategy is based on the belief that that the right corporate strategic investors can act as a force multiplier for startups’ growth. The team simultaneously focuses on helping entrepreneurs navigate the complexities of corporate investment and on serving as trusted partners to institutional and corporate strategic syndicate partners. For more information visit www.forteventures.com.
About Flyover Capital
Flyover Capital, based in Overland Park, Kansas was formed with the mission of creating the next generation of technology success stories outside the traditional tech hubs. Founded by entrepreneurs, Flyover has been supporting Middle America’s top founding teams since 2015.
About BMW i Ventures
BMW i Ventures, BMW’s EUR 500 million venture capital fund, invests money and resources in startups in the fields of autonomous driving, digital car and automotive cloud, e-mobility, artificial Intelligence and data, industry 4.0, shared and on-demand mobility, customer digital life, and sustainability. The firm has already partnered with innovative companies such as Xometry, Yellowbrick, CelLink Urgent.ly, PureCycle Technologies, and Tekion. BMW i Ventures invests in all stages from seed and incubation to growth companies.