- Verusen recently announced it raised $25 million in Series B funding. These are the details.
Verusen — the global supply chain innovator focused on providing the simplest way to manage materials for global supply chains — recently announced it has raised $25 million in Series B funding. This funding round was led by Scale Venture Partners with participation from current investors Glasswing Ventures, Flyover Capital, Zetta Venture Partners, Forte Ventures, BMW i Ventures, and Kubera VC. The new funding round comes just a year after their $8 million Series A.
Verusen utilizes deep learning, artificial intelligence (AI), data harmonization, and decision support to help the largest global brands control risk, attain supply chain resiliency, and improve economies for their operations. And the Series B funds will be used to accelerate Verusen’s global footprint, and further build out its AI-driven technology platform expanding the company’s reach in both the Indirect MRO (Maintenance, Repair and Operations) and Direct Materials space.
Verusen has executed its unique vision and differentiated approach to the supply chain industry. And its AI-driven software disrupts the way supply chains have worked for decades by capturing system data and human knowledge, continually learning to help customers make better decisions within just weeks of implementation and without resource-heavy and costly IT initiatives. Led by founder and CEO Paul Noble, Verusen has experienced 10X growth in 2021 serving clients in 25 countries across the world.
In the past year the company has:
— Achieved 10X growth, with plans to continue hyper-growth in 2022.
— Delivered on average 15-20% working capital savings to its Fortune 500 customers, reducing risk and optimizing the materials they use to run their manufacturing operations and build their products.
— Identified client savings within the first 90 days of implementation with minimal effort by customer IT and supply chain resources.
— Announced worldwide partnerships with SAP, NTT Data GSL, Accenture, and Machine Compare.
— Established new headquarters in the heart of Supply Chain City, Atlanta’s Tech Square, strengthening its Advanced Technology Development Center (ATDC) partnership and further leveraging the Georgia Tech talent pipeline.
— Increased its headcount to 60+ employees with key executive leadership appointments to round out its management team for continued growth.
KEY QUOTES:
“Since partnering with Verusen, we have gained much greater control and transparency of our materials across the different business units and geographies we operate in. Verusen’s platform has helped accelerate our ‘One Supply Chain’ initiative and is the most sustainable solution we have found in the market, helping reduce working capital, mitigate risks, and drive resiliency.”
— Johnny Howze, Vice President, Supply Chain Management – Operations, for Southern Company
“Supply chains are in chaos due to data and organizational silos that have existed for decades. Verusen is breaking down these traditional silos to deliver a streamlined customer experience that is simple, fast, and sustainable for all operational, procurement, and IT stakeholders across the enterprise. Our customers, partners, and investors are excited about the optimization and risk mitigation outcomes we deliver – both in time and costs – that accelerates trust in capabilities when it comes to building adaptable and resilient supply networks. In just one year since our Series A funding, Verusen has tripled its customer base. Today, by partnering with Scale Venture Partners and with the continued support from our existing investors, we are expanding our offering to apply our technology and experience to direct materials in both the process and discrete manufacturing segments.”
— Paul Noble, founder and CEO of Verusen
“Verusen’s AI-driven software revolutionizes the way supply chains work by capturing system data and human knowledge, continually learning to help supply chain customers make better, faster decisions, and enabling supply chain efficiencies and empowering resilience. In a supply-chain-challenged world, we are excited to work with Paul, the Verusen team, and the company’s existing investors to further accelerate the adoption of Verusen’s game-changing offering.”
— Stacey Bishop, Partner, Scale Venture Partners
