ClearMetal lands $9m to expand AI supply chain platform
September 26, 2017
Predictive logistics company ClearMetal has secured a $9m series A funding round to expand its AI-driven supply chain platform for manufacturers and retailers.
The investment is co-led by Prelude Ventures and Eric Schmidt’s Innovation Endeavors, with additional investment from NEA, Sap.io, PSA Unboxed, DCLI and the founder of GT Nexus.
The California company delivers predictive logistics for retailers and manufacturers by using AI to canonicalise supply chain data and deliver end-to-end predictive visibility that drives inventory management, profitability and differentiated customer service.
“The industry has been ripe for digital applications that can help companies improve how they manage the flow of materials across the supply chain,” said John Santagate, research manager at IDC. “The impact of such visibility not only improves the ability to plan logistics, it also provides the ability to drive downstream supply chain improvements such as reducing inventory levels, driving down safety stock requirements and improving asset utilisation in the warehouse.”
Industry innovators such as freight forwarder Panalpina have tapped ClearMetal’s artificial intelligence technology to improve operational performance and enhance customer service. Elton Fong from PSA Unboxed added: “PSA and ClearMetal share a vision for the future of a truly data intelligent supply chain and ClearMetal’s platform has the potential to revolutionise how we look at logistics flow. Our common aim is to enable supply chain players to offer better service to their customers, which will ultimately benefit the end consumers.”
ClearMetal’s data intelligence platform was developed by AI engineers from Stanford University and executives from Google, GT Nexus, VF, Navis and the broader logistics industry.
“ClearMetal has rapidly established itself as the category leader for predictive logistics by tackling the industry’s core data challenges and operational complexity,” said Gabriel Kra, managing director at Prelude Ventures. “Their granular approach to data mining, modelling and simulating presents vast new opportunities for supply chain players to operate smarter, more efficiently and with greater sustainability based on data intelligence.”
The deal comes 18 months after receiving an initial $3m investment. The funding should enable ClearMetal to unlock value for its customers and expand its capabilities in the rapidly growing predictive logistics space and beyond.
“The global supply chain is suffering from billions of dollars of inefficiency as a result of not having the data intelligence and predictive visibility it needs,” said Adam Compain, CEO of ClearMetal. “Our customers are eager for predictive logistics and ClearMetal’s platform solves their fundamental data challenge while delivering the digital transformation required to drive profitability in the supply chain.”
The platform uses proprietary machine learning to make sense of supply-chain data and provide end-to-end predictive visibility. ClearMetal is based in San Francisco.