Elm AI, a Cornell University spinout and an AI-based platform helping enterprises improve sustainability and operational performance across their supply chains, announced it has raised $2 million in an oversubscribed funding round. Beta Boom Fund and Working Capital Fund led the round, which also included Boro Capital Partners, Very Serious Ventures, Gorges Ventures, The Bond Collective, and Textbook Ventures.
Enterprises continue to face escalating costs and complexity in supplier due diligence and compliance management, driven by rapidly evolving regulatory standards. And Elm AI’s advanced AI-based technology streamlines this process by automating analysis of supplier documentation, instantly providing actionable insights and recommendations dramatically faster and more cost-effectively than traditional methods.
Elm AI’s software is already used by a diverse range of customers, from mid-sized apparel brands to publicly listed multinational corporations generating billions in revenue. The platform currently manages data from several thousand factories globally. Among the company’s first few customers is Reformation, a leading sustainability clothing brand.
Advait Raykar, Aparajita Thakker, Ken He, and Eesha Khanna launched the company in 2023 at Cornell University. Elm AI was built on research of AI applications in the sustainability space and initially secured funding from Cornell University and Entrepreneurs Roundtable Accelerator. Since then, the company has grown exponentially.
This funding will be used to accelerate Elm AI’s growth, allowing the company to onboard customers from its extensive waitlist quickly and continue expanding its technological capabilities.
KEY QUOTES:
“Elm AI has been instrumental in transforming our responsible sourcing process, streamlining cumbersome administrative tasks and giving brands more time to focus on what matters most — building programs and management systems that benefit workers by ensuring safe, healthy, and equitable working conditions.”
- Carrie Freiman Parry, Senior Director Of Sustainability at Reformation
“The Elm AI team’s maturity and focus on solving customer problems continue to impress me. As someone with a long history in supply chain labor and sustainability, it’s refreshing to see such enthusiasm for making a real difference. They’ve made me a firm believer in AI’s ability to accelerate our efforts to support workers in global supply chains.”
- James McMichael, Founder of Elevate Global and Mosaic RSR
