Supply chain startup Altana Technologies Inc. today announced that it has raised a $100 million Series B funding round led by Activate Capital.
The round also included contributions from more than a half dozen other investors. The group included Prologis Ventures, Reefknot Investments, Four More Capital, Amadeus Capital Partners, Floating Point and Ridgeline Partners. Alphabet Inc.’s GV venture capital arm participated as well.
New York-based Altana provides a software platform called Altana Atlas that organizations can use to monitor their supply chains. According to the startup, the platform is powered by an artificial intelligence model that processes billions of data points.
Altana Atlas generates a map of an organization’s supply chain that can be used to gain a better understanding of day-to-day business activity. A retailer, for example, could use Altana Atlas to identify all the suppliers involved in producing a certain product. The startup’s platform also provides access to related data, such as information about those suppliers’ manufacturing facilities.
After generating an initial map of an organization’s supply chain, Altana Atlas can continuously update it as changes are made. Data about supply chain changes can’t always easily be processed in its original form. To address the challenge, the platform automatically organizes new data in a form that lends itself to analysis and removes duplicate records.
Altana says that its platform enables companies to ensure their supply chains comply with regulations and other requirements. Additionally, the startup promises to ease the task of identifying opportunities for improvement. A company seeking a new supplier, for example, can use Altana Atlas to more quickly find firms that meet its regulatory and sustainability requirements.
Another task that Altana’s platform promises to ease is the process of clearing merchandise through customs. When importing merchandise, companies must provide detailed descriptions of the items they import. According to Altana, its platform includes features that automate a significant portion of the manual work involved in the task.
Companies can optionally connect Altana Atlas to their internally-developed software. According to the startup, organizations with advanced requirements can send supply chain data from its platform to their custom AI applications for further processing.
“The nexus of climate change, inflation, wealth inequality, and national security is the supply chain,” said Altana co-founder and Chief Executive Officer Evan Smith. “We’re empowering the public and private sectors to refactor global supply chains around trusted networks.”
Altana will use the proceeds from its latest funding round to develop new software capabilities. The startup reportedly plans to expand its workforce to 110 employees by year’s end to support growth initiatives.