Supply chain planning startup ketteQ is setting its sights on a global customer expansion after raising its $9 million Series A round.
The investment was led by Atlanta-based Vocap Partners. Local venture firm Circadian Ventures, along with multiple logistics executives, family and friends who the company declined to name, also participated.
The raise brings the company’s total funding to approximately $12 million, CEO Mike Landry said. Previous investments were used for product development. It will use the latest investment to grow its sales and marketing staff along with expanding its customer base globally.
ketteQ helps companies estimate their supply chain demand, predict what to sell, figure out what inventory to carry, what their production schedules are and what materials they have to buy. Its customers include Carrier Global Corp., Trimble Inc. and Coca-Cola Bottlers Japan Inc., according to the company.
“Supply chains today are more fragile, complex and interconnected globally than ever before. One disruption can make an impact more than it did 10 years ago,” Landry said. “To be able to plan and react to supply chains in the current environment is important to satisfying customers, driving profit and competing for market share.”
The Covid-19 pandemic prompted a renewed interest in supply chain innovation because of the delays that happened amid higher demand. Atlanta logistics companies that have taken large investments since then include robotics company GreyOrange and warehousing startup Stord.
Landry believes ketteQ can stand out in the logistics market with modern software not fully embraced by similar companies. Its platform uses the Salesforce and Amazon Web Services clouds, machine learning and artificial intelligence.
“In the last 20 years, supply chain planning software companies were built on old technology. It doesn't scale to be able to give the responsiveness for the complex and interconnected supply chain challenges,” Landry said. “We have an advantage with that understanding to be able to grow our company quickly with a lot of leverage.”
The global supply chain management market was estimated at nearly $29 billion last year and is expected to reach over $45 billion by 2027, according to market research company Markets and Markets.
The company has 60 workers and plans to grow by up to 30. It has a metro Atlanta office in Vinings, along with a team based in Canada. Last year, it tripled its annual revenue, Landry said. It looks to at least double its revenue this year.
This isn’t Landry’s first swing at growing a business. He held leadership roles at workforce management company Servigistics Inc., which was acquired by PTC (Nasdaq: PMTC) for $220 million, and supply chain management company Barkawi Management Consultants which was acquired by Genpact (NYSE: G).
