Logistics technology provider slync.io has raised $11 million in venture backing for its software platform made for managing global supply chain operations with real-time data analysis and artificial intelligence (AI), the company said today.
The “series A” round was led by Blumberg Capital, with participation from Correlation Ventures and existing investors including 235 Capital Partners. With the new funds, the San Francisco-based firm plans to support hiring and growth as the company continues to expand its user base across six continents.
According to slync.io, traditional supply chain management software is a highly-fragmented industry with legacy products addressing single transportation modes or disjointed segments. In contrast, the firm says its Logistics Orchestration product makes real-time data actionable, going beyond predictive visibility to achieve a new level of connectivity and responsiveness for multiple logistics partners to collaborate effectively.
“Slync.io is extraordinarily well positioned with multiple customer wins from global blue chip logistics players and shippers that have traditionally built their own software systems. This indicates a tipping point in the industry where it’s becoming clear to many they must move from proprietary, legacy systems to API driven modern AI-powered systems,” David Blumberg, founder and managing partner of Blumberg Capital, said in a release. “With the advent of the COVID-19 crisis we see Slync.io as part of the solution, not just in the short term, but for a more robust, global supply chain with flexible data visibility management and operational efficiencies in the long term.”
Had a great conversation on the current business climate with Scott on @KruzeConsulting’s Founders and Friends podcast. Listen here for more insight on our #fintech portfolio company @Lendio and our recent investment in #supplychain platform @SlyncIO https://t.co/1RFaomYKOS— David Blumberg (@davidblumberg) April 7, 2020