Funding to Expand Company’s Reach in Indirect MRO and Direct Materials Space
Verusen, the global supply chain innovator focused on providing the simplest way to manage materials for global supply chains, announced it has raised $25 million in Series B funding. Verusen leverages 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. The 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 comes just a year after its $8 million Series A.
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.
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“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,” said Johnny Howze, Vice President, Supply Chain Management – Operations, for Southern Company. “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.”
Verusen has executed its unique vision and differentiated approach to the supply chain industry. 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 Paul Noble, Founder and CEO, 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.
As Verusen evolves to meet the needs of a rapidly changing supply chain ecosystem that has been significantly impacted by the global pandemic, it is expanding its reach to customers and suppliers beyond Indirect Maintenance, Repair and Operations (MRO) to deliver solutions for the Direct Materials market, including both components/assemblies and raw materials/ingredients. This represents an additional business opportunity moving into both discrete and process manufacturing for large organizations that wish to strategically leverage advanced AI for actionable insights and decision support across complex supply and materials networks.
According to Gartner, through 2024, 50% of supply chain organizations will invest in applications that support artificial intelligence and advanced analytics capabilities. Adoption has been accelerated by the pandemic as supply chain organizations look to make better and more informed decisions faster, gain deeper insight into the vast data they generate, and with advanced analytics get a handle on what is happening in their business today and in the future.
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“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,” said Paul Noble, founder and CEO of Verusen. “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.”
“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, Partner, Scale Venture Partners. “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.”
