Cloud-based supply chain integration platform Chain.io has completed a funding round for $5 million, a press release says.
The round was led by Grand Ventures and Mercury. Also participating are Honeywell Ventures and Engage.
The Chain.io network processes over 100 million data transformations per month, with data from 10 out of the top 15 largest freight forwarders in the world. The network has also doubled in size in the past year.
“We will be immediately deploying this capital to help expand our world-class supply chain integration network and help our customers develop their digital nervous systems throughout their extended supply chain,” said Brian Glick, founder and chief executive officer with Chain.io.
The company has had a good 2020, and the release lists some achievements including a tripled revenue base, an increase in customers by 50 percent, new integrations with systems like Cargowise, Blujay, Magaya, Portrix, WebCargo, Terminal 49, and more, the release says.
Tim Streit, co-founder and managing partner with Grand Ventures, said supply chains had proven an extremely important part of the world in the past year, both for “our individual lives and the global economy,” the release notes.
“When we met the Chain.io team we quickly understood that they’ve built a network that will transform the industry from the inside out,” Streit said.
Kamal Vasagiri of Honeywell Ventures said, “the future of the supply chain lies in rapid and resilient information sharing.”
Supply chains have been strained in the pandemic, in part because some people spent their increased free time ordering things including cars and electronic devices. Inventory might have ended up short-stocked when companies didn’t order much at the onset of the coronavirus. That ends up causing ripple effects along the supply chain and can lead to production pauses while the existing inventory is whittled down.
So supply chains see difficulties while production and orders lag in demand.
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