A year after its previous capital raise, Atlanta-based Verusen is raking in a $25 million Series B funding round. Led by Scale Venture Partners, the investment places Verusen in a prime position to expand its supply chain intelligence solution to a new market and build out its global presence.
Supply chains around the world have been overloaded over the past couple of years. Now, businesses are readjusting to pandemic-induced trends and attempting to keep up with heightened consumer demand as the global economy slowly recovers. As the need continues to rise for solutions to help businesses navigate increasingly complex environments, companies like Verusen are building the products necessary to make supply chains efficient and resilient.
Powered by deep learning and artificial intelligence, Verusen supplies brands with real-time data on their supply chains as well as tools for inventory optimization and procurement intelligence. Its goal is to provide enterprises with the simplest way to manage materials for their supply chains. Its software captures system data and human knowledge and learns to help customers quickly make better decisions without costly IT initiatives, according to the company.
Currently, Verusen services the indirect maintenance, repair and operations (MRO) industry but increased demand beyond this market is causing the company to grow. Verusen is investing its latest funding round in expanding into the direct materials market. This sector encompasses organizations that use discrete manufacturing — or produce distinct items — as well as process manufacturing, which is the use of formulas or recipes to make goods.
“The direct materials space consists of components [and] assemblies and raw materials [and] ingredients,” Paul Noble, Verusen’s CEO, told Built in via email. “This, in turn, will also mean expanding our global partnerships and activating new sales channels. Additionally, we will further build out the company’s AI-driven platform by expanding employee headcount in engineering, marketing and business operations.”
As it starts off 2022 strong, the company also reflects on a period of rapid growth. In 2021, Verusen achieved 10x overall growth and has come to serve enterprise clients across 25 countries. It also announced a partnership with B2B marketplace platform Machine Compare back in December, and increased its headcount to over 60 people. Furthering this momentum, Verusen plans to grow its team to more than 100 employees by the end of this year, Noble said.
“Verusen’s ‘north star’ goal remains providing our customers with what we call material truth. This is a unique combination of data in and across systems with expert human knowledge across the supply network,” Noble said. “This is in line with our efforts to make supply chain optimization extremely simple for customers through a unique offering of AI, data harmonization and decision support.”