- The startup says the platform is powered by an AI model that works with billions of data points.
- It believes that its platform makes it possible for companies to make sure that their supply chains follow laws and other rules.
Altana Technologies Inc., a supply chain visibility startup, announced that it had raised USD 100 million in a funding round led by Activate Capital.
More than a half-dozen other investors also participated in the Series B round. Prologis Ventures, Reefknot Investments, Four More Capital, Amadeus Capital Partners, Floating Point, and Ridgeline Partners were all part of the group. The GV venture capital, an arm of Alphabet Inc, also took part.
The New York-based company offers a software platform called Altana Atlas. The platform is used by companies to keep an eye on their supply chains. The startup says the platform is powered by an Artificial Intelligence (AI) model that works with billions of data points.
Altana Atlas produces a map of an organization’s supply chain, which can be used to learn more about how business is done every day. For example, Atlas could be used by a retailer to determine which suppliers were involved in producing a particular product. The platform also gives users access to related data, like information about where these suppliers manufacture their products.
After the first map of a company’s supply chain is generated, Atlas can keep updating it as changes happen. It’s not easy to process data about supply change changes in its original form. To solve this issue, the platform automatically sorts new data into groups that are easy to understand and gets rid of duplicate records.
Altana says that its platform allows companies to ensure that their supply chains are in sync with existing laws and other conditions. Furthermore, the new company guarantees that it will make it easier to find occasions for improvement. For example, a company that wants to find a new supplier can use Atlas to find firms more quickly that meet its regulatory and sustainability requirements.
Yet another function that is promised by Altana’s platform is to smoothen the process of getting merchandise through customs. When importing merchandise, companies must give full descriptions of imported items. Altana says that its platform includes features that can automate much of the manual work entailed by the task.
Companies can also choose to connect Altana Atlas to their in-house software. Organizations with more complex needs can send supply chain data from their platform to their custom AI apps to be processed further.
Altana co-founder and Chief Executive Officer Evan Smith said, “The nexus of climate change, inflation, wealth inequality, and national security is the supply chain. We’re empowering the public and private sectors to refactor global supply chains around trusted networks.”
Altana will use the funds from its most recent round of funding to add new software features. It’s been reported that it wants to expand its workforce by the end of the year to help with its growth plans.