Inspectorio announced Monday it has raised a $50 million Series B round of funding led by New York City-based Insight Partners.
Previous investors including Boulder, Colo.-based Techstars, San Francisco-based Flexport Inc., St. Paul-based Ecolab Inc. and Minneapolis-based Matchstick Ventures also participated in the round.
Minneapolis-based Inspectorio, which provides quality- and compliance-management software, said in a statement it will use the new funding to expand its research and development and grow its product teams.
Inspectorio's over 7,000 customers, including Target Corp., rely on the company's production-tracking software to prevent supply chain delays and improve on-time delivery performance.
“By raising and expanding our investments in current and future products, we will expand product capabilities to go further upstream in the production chain," said CEO and co-founder Carlos Moncayo in a statement. "This will result in an increased focus on production tracking and supply chain traceability, which is a critical need for the modern supply chain industry."
In August, Inspectorio was named in Apple Inc.'s first Impact Accelerator cohort, a program that supports Black, Latino and Native American-owned companies focused on environmental sustainability.
The company moved to Minneapolis from Hong Kong after participating in the Target Techstars accelerator program in 2016.
In 2017, Target led a $3.7 million investment in Inspectorio. That was followed up by a $10 million Series A round in 2018.
