Altana AI, a supply chain startup that uses global economic data to enable reliable and efficient trading, announced that it raised $ 15 million in a Series A trade financing round led by GV (formerly known as Google Ventures). .
Connecting billions of data points to a single source of truth
Other business investors include Floating Point, Ridgeline Partners, as well as existing business investors Amadeus Capital Partners and Schematic Ventures.
Supply chain networks and global trade continue to be disrupted by the rapid rise of e-commerce, COVID-induced supply chain shocks, and trade disputes. The startup, using emerging artificial intelligence (AI) for its platform, strives to address those challenges by connecting business organizations, governments, and logistics providers with a single source of truth about the global supply chain.
Founded in 2018, the startup has developed a platform that monitors and learns from billions of data points to design a live, smart global trade map. Several multinational companies are using the AI platform to map their supply chain, strengthen their supply networks, and mitigate risks.
In addition, the “Altana Atlas” platform is also used by government agencies and global logistics providers across the country and abroad to identify illegal activities and other threats in supply chain networks. The world’s leading logistics providers are using the platform to accelerate shipments across borders while eliminating illicit shipments.
“The globalization of the last fifty years was a race to the bottom. It was designed to hide a complex, fragile and dirty supply chain from all of us. Globalization 2.0 will bring these networks to light,” said Evan Smith, Co-Founder and CEO by Altana AI.
The AI startup has developed a unique approach to machine learning that enables you to share global intelligence without sharing data, as well as gain access to information that was previously not accessible by power AI.
“Through a single source of truth about the global supply chain, we will be able to know where our products come from, trust that our shipments will arrive even when disruptions occur, root out bad actors at the seams of global trade, and include more. of society on the benefits of trade and capitalism. We are delighted and honored to be able to accelerate this vision with the backing of world-class investors, “added Smith.
Karim Faris, General Partner at GV, said the New York-based startup has succeeded in creating intelligence from data that cannot be collected directly due to privacy and sovereignty concerns. Since its inception, the AI business “is already working with several of the world’s leading government agencies, logistics providers and companies to transform the way they manage global supply chains,” said Faris.
Earlier this year, Altana AI unveiled new features for the platform that allow customers to automatically map their global supply chain networks and identify resilience threats using AI. The new capabilities also allow government agencies and contractors to meet the requirements of President Biden’s Feb. 24 executive order, requiring the review and evaluation of key supply chains in the country.
Summary
Supply chain visibility startup Altana AI announced that it has secured $ 15 million in a Series A business financing round led by GV. Founded in 2018, the AI business strives to establish the single source of truth in the global supply chain.
