Highlights:
- The supply chain management market is estimated to reach approximately USD 45 billion by 2027.
- Altana offers a 500 million company database to assist users in discovering new suppliers.
Altana Technologies Inc. reeled in USD 200 million from investors. The startup assists businesses in fixing regulatory compliance and reliability hurdles in supply chains.
Recently, the company made the Series C funding announcement. The US Innovative Technology Fund spearheaded the fundraising with involvement from Salesforce Ventures, Alphabet Inc.’s GV startup fund, and six other institutional investors. Altana is currently worth USD one billion.
“Altana is going after a global market that is expansive and growing,” members of Salesforce Ventures’ startup investment team reported. “The supply chain management market is estimated to reach approximately USD 45 billion by 2027.”
A big business’s supply chain is vulnerable to various threats. Certain suppliers may be working outside regulations on labor, sustainability, or sanctions. Some may be struggling financially, which might not be an immediate concern but could eventually make it more difficult for them to produce goods on time.
Based in New York, Altana provides a software platform that claims to assist businesses in identifying these kinds of problems. The tool creates a supply chain map of an enterprise by ingesting data from users and publicly available documents. It then uses artificial intelligence to identify possible issues.
According to Altana, its platform identifies more subtle problems in addition to troublesome suppliers. For instance, the platform may identify whether a business gets all its essential component supplies from a single contract manufacturer. Purchasing goods from a single manufacturer may result in shortages should the manufacturer encounter a manufacturing setback.
Altana offers a 500 million company database to assist users in discovering new suppliers. The company claims that its platform automates the procedure of sifting suppliers according to the business criteria and regulatory compliance they meet. Businesses can test how a new partner will affect their operations before onboarding them to identify any possible problem.
Insurer policies are intended to assist businesses in lessening the financial effect of unforeseen supply chain problems. The cost of these measures is determined by how likely it is that the issue they are intended to address will really arise. Altana claims that its technology allows insurers to gauge the level of risk in a company’s supply chain and adjust underwriting conditions accordingly.
Businesses with more complex needs can create custom applications with Altana’s platform to expand their feature set. Additionally, they can train artificial intelligence models with the supply chain data stored in the software.
Customers of Altana include numerous government departments in the United States and the United Kingdom, as well as major corporations such as the shipping giants Maersk A/S and Boston Scientific Corp. A portion of the company’s recent USD 200 million funding round will go toward product development to expand its market presence. An exceptionally high priority for the engineering team will be growing Altana’s AI capabilities on its platform.