Verusen, an Atlanta-based supply chain intelligence innovator, raised $25 million in Series B funding to grow its footprint and build out its AI-driven technology platform.
The funding was led by Scale Venture Partners with participation from its current investors Glasswing Ventures, Flyover Capital, Zetta Venture Partners, Forte Ventures, BMW i Ventures and Kubera VC. It comes one year after its $8 million Series A round.
The company is focused on the supply ecosystem by leveraging its AI, data harmonization and decision support to help companies attain supply chain resiliency and improve bottom lines while reducing supplier and operational risk.
Verusen started in the indirect material market space -- goods essential to a production line but not part of the actual product, such as disposable gloves, personal protective equipment or tape. With the new funding, the company also will focus on raw and direct materials, those used in the production process such as timber used to construct a house, steel included in a car or a circuit board in a radio.
“We help a couple dozen Fortune 500 companies, and we had customers asking for us to expand into the direct material space to cover their full material needs, so we utilized that momentum," said Paul Noble, founder and CEO of Verusen.
Over the past year, Verusen achieved 10x growth; announced partnerships with SAP, NTT Data GSL, Accenture and Machine Compare; established its new headquarters in Atlanta’s Tech Square and increased its headcount to over 60 employees.
Approximately two-thirds of Verusen’s workforce is based in Atlanta. The company hopes to expand to over 100 employees by the end of the year.
Supply chain organizations have accelerated their use of applications that support AI and analytics capabilities as they look to make better and more informed decisions faster and gain deeper insight into data. According to Gartner, 50% of supply chain organizations will invest in such applications through 2024.
“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,” said Stacey Bishop, a partner at Scale Venture Partners, in a news release.
