Atlanta startup Verusen raised an $8 million Series A round to use artificial intelligence and machine learning to make supply chains more efficient, according to a Jan. 28 announcement.
Forte Ventures and Flyover Capital co-led the round with participation from BMW i Ventures, Glasswing Ventures, Zetta Venture Partners, Kubera VC and Atlanta’s Engage VC. Verusen has a little under $14 million in investments to date, CEO Paul Noble said.
Verusen’s sales saw a seven-fold growth in 2020, according to the announcement. The round will help the company continue to expand globally and scale its AI and ML capabilities in the supply chain.
“The pandemic placed an urgency on investing in supply chain technology,” Noble said. “That’s why you’re seeing so much growth in great supply chain companies in Atlanta and everywhere. Good enough is no longer good enough.”
Noble said Verusen has about 15 customers that work mostly in the manufacturing and energy fields, including Atlanta companies Georgia-Pacific and Graphic Packaging. The startup aims to expand its clients to include industrial distribution companies that supply products to Verusen's existing customers.
The Verusen product, which officially launched in 2019, analyzes a company’s supply chain data and recommends ways to make its stock and inventory more efficient, such as pointing out duplicate materials or price discrepancies, Noble said.
By using AI to do this, Noble said the capabilities of Verusen continue to become more refined and scalable as the company grows. The product can be used with any industry vertical or system.
“We’re that layer of intelligence that makes it very simple to get a holistic view of the business and help drive execution,” Noble said.
Verusen, named in the Technology Association of Georgia’s 2020 Top 40 Innovative Technology Companies, says it has helped save companies $10 million within 90 days through more efficiently managing supply chain data.
Verusen currently has about 25 employees, and Noble plans to double his team in 2021, keeping them mostly based in Atlanta.
“We’ve got a great team, and we’re loving being a part of Atlanta and deepening our roots here,” Noble said.
