Supply Chain Startup Raises $200M to Expand AI-Powered Platform

Supply chain visibility startup Altana has raised $200 million in a bumper series C round to expand its AI-powered platform and accelerate product development. 

The New York-based startup offers what it describes as a "value chain management system," which provides businesses with the ability to uncover insights into their supply chain through AI.

The round was led by the US Innovative Technology Fund (USIT), a venture fund founded by former Legendary Entertainment CEO turned tech investor and entrepreneur Thomas Tull.

Additional investors included Salesforce Ventures, Google Ventures, March Capital, Omers Ventures, Friends and Family Capital and Activate Capital.

The funding round brings Altana’s valuation to $1 billion. 

The startup plans to use the funds to commence an “ambitious phase of product development” to enable customers to manage security, sustainability and procurement across multi-tier value chains.

“Great power competition, climate change and the breakdown of globalization are generational challenges that require a new model for managing global business, including a more assertive role for government,” said Evan Smith, Altana’s co-founder and CEO. “Our platform is uniquely suited to facilitate a new paradigm – organized around trusted global value chains.”

Related:Pharmaceutical Company Rolls Out AI-Powered Supply Chain Management

Founded in 2019, Altana sought to address visibility issues across siloed supply networks. Its platform provides users with a unified representation of their global value chains, enabling businesses to understand issues with compliance or market gaps better.

The startup’s AI-powered platform leverages public data with private supply chain data to provide detailed insights such as accurate carbon measurements, supply and demand issues and critical business areas that require insurance from adverse risks.

Altana previously raised $100 billion in a series B round in 2022.

Boston Scientific, L.L.Bean and Maersk are among Altana’s private sector customers, with the startup also providing its supply chain platform to government agencies like the U.S. Customs and Border Protection and the U.K.’s Department of Business and Trade.

“In this new era of globalization, it is crucial for all public and private organizations to shore up their supply chains and for the whole ecosystem to maintain a streamlined, unified information flow,” said Peter Tague, USIT’s managing partner. “Altana’s supply chain intelligence software provides this collective information, empowering companies and governments to understand the vulnerabilities and opportunities within their supply chains, while still maintaining strict customer data privacy.”

Related:IoT Food Safety Program Enhances Supply Chain Transparency, Traceability

“This investor group is uniquely suited to accelerate our go-to-market efforts with both governments and enterprises globally,” CEO Smith said. “We couldn’t have better partners joining this mission.”

This story first appeared in IoT World Today's sister publication AI Business.