- Verusen leverages AI to create a connected supply chain.
- The startup raised $8 million in a Series A funding round.
- The platform of the organization harmonizes fragmented material data.
Verusen is a startup that leverages AI to create a connected supply chain. It is based in Atlanta, Georgia. Today, it raised $8 million in a Series A round. Forte Ventures and Flyover Capital led this round of fundraising. The company says it will put the funds towards R&D as it increases the size of its employees. A recent PricewaterhouseCoopers study predicted that businesses in regions impacted by the coronavirus. The businesses will have to consider the consequences of their supply chains. For example, when supply and capability become available or buy ahead to acquire much-needed inventory and raw materials. They might have to secure future air transportation.
Using AI-based technology that integrates automatically with enterprise resource management systems. Verusen aims to resolve this by learning from specialists who can fine-tune the framework for automated inventory naming, categorization, and deduplication. Verusen says that over time, its AI continues to predict and learn from actual behavior. In addition, it provides proposals that consumers can choose to approve or reject to maximize product allocation and procurement.
Verusen estimates that, with customers including Georgia Pacific, Graphic Packaging, and AB InBev, it helps companies save an average of $10 million over a three-month span. In a statement, founder and CEO Paul Noble said, “As supply chains begin their digital transformations, we help them better understand their disparate and incomplete data and connect it to trusted business results from the very beginning.”
Artificial Intelligence Advanced Analytics
Gartner says that by 2023, AI, advanced analytics, and the Internet of Things technologies will be used in supply chain operations by at least 50 percent of major global corporations. In the meantime, McKinsey & Company reports that businesses can expect to increase annual interest, tax, depreciation, and amortization (EBITDA) growth by 3.2 percent and annual sales growth by 2.3 percent by ‘aggressively’ digitizing their supply chains.
“Verusen AI is designed to provide trusted material records and verify demand signals that influence each other to drive our trusted proprietary network optimization,” continued Noble. This contributes to unprecedented flexible intelligence in inventory and procurement, enabling our customers to achieve their material facts. In Verusen’s funding round announced today, BMW I Ventures, Glasswing Ventures, Zetta Venture Partners, Kubera VC, and Engage also participated. It takes the total raised by the company to over $14 million, following seed and pre-seed rounds of $6.1 million in total.
An Unmatched Approach
Verusen has experienced rapid consumer uptake since it is the first organization to offer unique. The results-driven materials management solutions provide the supply chain. And, eventually the bottom line with significant advantages. The startup transforms how manufacturing and complex supply chain organizations view data, inventory, and procurement of their products. Verusen offers material truth to global supply chains by providing unprecedented speed, size, and value.
The conventional data cleaning approach is eliminated by the supply chain optimization capabilities of Verusen. The technology allows for the self-cleansing and harmonization of disparate supply chain data based on AI, thus enabling the input of real-time field information into its machine learning capabilities. In reducing stock/inventory levels and, more importantly, maintaining cash and working capital, the solution offers insights, tempo, and scale-to-value.
Verusen is a materials management Supply Chain Intelligence company. It uses AI to provide data, inventory optimization, and procurement intelligence with complicated global supply chain material reality. The platform of the organization harmonizes fragmented material data across multiple ERP instances/systems. It also provides enterprise-wide trusted data to minimize inventory costs and create faith in the uptime of output. The outcome is a database that can fuel digital transformation and helps Industry 4.0 initiatives related to it. The organization is based at ATDC in Atlanta.