The company’s AI-driven approach to inventory management helps drive down costs and maximize production uptime.
Verusen, an innovative startup that uses artificial intelligence (AI) to reduce working capital and support more agile supply chains, announced it secured an $8 million Series A co-led by Forte Ventures and Flyover Capital, with additional investment from BMW i Ventures. The financing round also had Glasswing Ventures, Zetta Venture Partners, Kubera VC and Engage joining to demonstrate their continued participation. The company aims to use the funds to leverage AI to support the seven-fold sales growth experienced in 2020. They also want to strengthen strategies toward a worldwide expansion of its technologies to create a self-learning supply chain targeted at customers located in more than 25 countries. This will be achieved by scaling the delivery of its purpose-built AI, machine learning (ML) and neural network technologies.
Customers have rapidly adopted the company’s technology due to its matchless approach to supply chain optimization—enabling an AI-based self-cleansing and harmonization of disparate supply chain data while allowing real-time field knowledge input into its machine learning capabilities. In support of this, Paul Noble, Verusen’s founder and CEO, declared that “Verusen AI is purpose-built to deliver trusted material records and verify demand signals that influence one another to drive our proprietary trusted network optimization. This leads to unparalleled scalable inventory and procurement intelligence helping our customers achieve their material truth.”
The proven outcomes of Verusen’s inventory optimization software have attracted various manufacturing companies globally.
“Verusen has demonstrated an average of $10 million of verified savings opportunities within 90 days for its customers, including Georgia Pacific, Graphic Packaging, AB InBev and many other manufacturers around the world,” said Tom Hawkins, managing partner of Forte Ventures, in a statement.
Verusen’s AI-driven cloud platform architecture allows complex manufacturing enterprises to have material data aggregation to improve inventory management performance and, most importantly, save cash and working capital. The benefits the solution brings about are centered on three crucial areas.
- Harmonize: Connect disparate materials data and enable visibility across the enterprise.
- Control: Policy and procedure enforcement to prevent excess inventories in the future.
- Predict: Anticipate inventory needs to optimize material allocation and procurement demands.
“There is significant room for improvement for optimizing across the supply chain in the automotive industry, where the number of parts in a single car can be in the tens of thousands,” said Kasper Sage, BMW i Ventures partner. “Verusen’s AI-backed approach for inventory optimization brings companies that must handle significant inventory loads one step closer to realizing the ultimate vision of the connected supply chain.”
Companies have committed to continue funding Verusen because they acknowledged the company’s disruptive potential to harness the power of AI from its outset.
“We are delighted to continue to support Paul and the entire Verusen team as they expand upon their transformative vision for an AI-fueled supply chain,” said Rudina Seseri, Glasswing Ventures founder and managing partner.
Due to its dauntless efforts toward building an intelligent connected supply chain, the Technology Association of Georgia (TAG) has named Verusen a Top 40 Innovative Technology Company. Paul Noble was recognized as a 2020 “Pro to Know” by Supply & Demand Chain Executive magazine. Visit the company website to learn more about Verusen’s resources.
