- Intercompany data automation platform BackboneAI announced it has launched with a $4.7 million seed round of funding led by Fika Ventures
Intercompany data automation platform BackboneAI announced it has launched with a $4.7 million seed round of funding led by Fika Ventures with participation from Boldstart Ventures, Cendana Capital, Dynamo Ventures, GGV Capital, MetaProp, Spider VC, and several notable angel investors.
Launched in 2019 and incubated with Boldstart, BackboneAI builds frictionless data networks through intercompany automation, which is a completely new category of automation. BackboneAI is based in New York City and was founded in 2019 by serial entrepreneur Rob Bailey.
The company is transforming supplier and customer relationships through real-time data synchronization, fast API connectivity, and regulatory integration. And BackboneAI seamlessly automates intercompany data processes.
BackboneAI is the first artificial intelligence platform specifically built for data collection within and between organizations. And the company makes supplier and customer data smarter by using artificial intelligence to integrate product data from a wide range of sources, both within and beyond a company. Plus the platform can be configured and deployed within a few weeks, and dramatically improve data team productivity.
Intercompany automation has been a growing need across global Fortune 500 companies, specifically in areas like product data coordination with suppliers including catalog management, coordination of construction materials across vendors and construction companies, global rights management for entertainment companies with affiliates and distributors, coordination of a shipment between different participants, tracking the origin of a product from its source to the end customer, and vendor reputation management in a regulated industry
BackboneAI is working on supply chain transformation with Genuine Parts Company (GPC), a global distribution organization with over $19 billion in annual revenues, 3,600 operations in 14 countries, and approximately 55,000 employees.
Key Quotes:
“Our mission is to help companies move faster and serve their customers better by automating their intercompany data flows, transforming data teams from cost centers into strategic revenue generators. Using their existing data infrastructure, our platform enables Fortune 500s to accelerate their supplier and customer processes in weeks and months — instead of years.”
-Rob Bailey, CEO and founder of BackboneAI
“We are excited to support BackboneAI, which has created an innovative, industry-first category for AI with intercompany data automation.”
-Eva Ho, general partner of Fika Ventures. Eva is also joining BackboneAI as a board member.
“BackboneAI is uniquely transforming the way the enterprise will collect and use their data. It is a great example of an API where you actually have network effects, and we’re proud to work with Rob and his team as BackboneAI takes the industry by storm.”
-Jeffrey Leventhal, partner at BOLDstart Ventures. Leventhal is joining BackboneAI as a board member.
