We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • ::COVID-19 COVERAGE::
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC.
    • Podcast
    • Blogs
      • Analytics & Big Data
      • Best Practices
      • Dispatches
      • Empowering Your Performance Edge
      • Logistics Problem Solving
      • One-Off Sound Off
      • Public Sector Logistics
      • Two Sides of the Logistics Coin
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2020
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC.
    • Podcast
    • Blogs
      • Analytics & Big Data
      • Best Practices
      • Dispatches
      • Empowering Your Performance Edge
      • Logistics Problem Solving
      • One-Off Sound Off
      • Public Sector Logistics
      • Two Sides of the Logistics Coin
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2020
    • Upload Your Video
Home » ClearMetal wins $9 million funding round for logistics AI platform
newsworthy

ClearMetal wins $9 million funding round for logistics AI platform

September 20, 2017
Ben Ames
No Comments

Logistics tech startup ClearMetal Inc. said today it has landed $9 million in funding to expand its platform for using artificial intelligence (AI) to generate predictive supply chain visibility for manufacturers and retailers, a sector that has drawn tens of millions of dollars in recent venture capital investment.

The investment follows a $3 million seed financing round in 2016 to support the firm's strategy of applying AI to supply chain data to improve inventory management, profitability, and customer service, San Francisco-based ClearMetal said.

The new funding is led by Prelude Ventures LLC and by Innovation Endeavors, an investment fund created by Eric Schmidt, the chairman of Google Inc. parent company Alphabet Inc. Additional investment came from New Enterprise Associates Inc. (NEA), a frequent investor in logistics startups.

Additional funding came from a number of supply chain industry heavyweights drawn to ClearMetal's promise of applying predictive analytics to the movement of shipping containers and other assets, including German software giant SAP's startup investment fund (SAP.io), port operator PSA International's corporate venture capital arm (PSA unboxed), container chassis leasing firm Direct ChassisLink Inc. (DCLI), and from GT Nexus founder John Urban, who is a strategic advisor to ClearMetal.

ClearMetal's software platform allows customers such as global freight forwarder Panalpina to predict equipment, trade, vessel, and shipper needs with unprecedented accuracy, the company claims.

"The global supply chain is suffering from billions of dollars of inefficiency as a result of not having the data intelligence and predictive visibility it needs," ClearMetal CEO Adam Compain said in a statement. "Our customers are eager for predictive logistics and ClearMetal's platform solves their fundamental data challenge while delivering the digital transformation required to drive profitability in the supply chain."

Compain is not alone in seeing an opportunity for AI-powered software to help forge a more streamlined supply chain. In the past year, investors have pumped millions into the sector, including $50 million for Mountain View, Calif.-based Aera Technology's prescriptive analytics software platform and $5 million for Sunnyvale, Calif.-based LevaData's AI-based supply chain procurement tool. Also in 2017, Kennesaw, Ga.-based logistics technology provider Teknowlogi and cloud-computing business software giant Infor have rolled out AI platforms.

Technology Asset Management
KEYWORDS Aera Technology Alphabet Inc. ClearMetal Direct ChassisLink Inc. Google Inc. GT Nexus Innovation Endeavors LevaData New Enterprise Associates (NEA) Prelude Ventures PSA International SAP
  • Related Articles

    LevaData lands $5 million investment for supply chain AI

    LevaData releases AI platform for supply chain sourcing

    Software startup lands $3 million funding to improve container shipping with artificial intelligence

Benames
Ben Ames has spent 20 years as a journalist since starting out as a daily newspaper reporter in Pennsylvania in 1995. From 1999 forward, he has focused on business and technology reporting for a number of trade journals, beginning when he joined Design News and Modern Materials Handling magazines. Ames is author of the trail guide "Hiking Massachusetts" and is a graduate of the Columbia School of Journalism.

Recent Articles by Ben Ames

Biden Administration names Oberman to chair Surface Transportation Board

Biden names dozens of senior leaders to DOT, including FMCSA and FRA

Thinking outside (and all over) the box

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Cold chain giant Lineage Logistics buys its own rail operator

  • Outlook 2021: What’s in store for logistics supply chain?

  • Cushman & Wakefield Brokers Sale of 170 Acres plus Lease for 1MSF Build-to-Suit for Home Improvement Retailer in Commerce City, CO.

  • Thriving in the long haul: interview with Colin Yankee

  • Biden names dozens of senior leaders to DOT, including FMCSA and FRA

Now Playing on DCV-TV

2mw 01 18 21 thumb

LTL Carriers Using Yield Management Techniques to Identify New Accessorial Charges

DCV-TV 4: Viewer Contributed
As we head into 2021, shippers are not too optimistic about negotiating rates with their carriers. The reason for this, as highlighted in the three CODE RED Webcasts we've hosted with our friends from CSCMP and NASSTRAC, is that in today's transportation marketplace, shippers are operating in uncharted waters. With...

FEATURED WHITE PAPERS

  • Proven Benefits: A Compendium of Slotting Optimization Success Snapshots

  • Bridging Information Gaps in Dock and Yard Operations

  • How Intelligent Sensor Solutions Turn Data Into Action

  • Order picking Solutions: Understanding Your Options

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2021. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing