As the pandemic creates supply chain chaos, Craft raises $10M to apply some intelligence

During the COVID-19 pandemic, supply chains have suddenly become hot. Who knew that would ever happen? The race to secure PPE, ventilators and minor things like food was and still is an enormous issue. But perhaps, predictably, the world of “supply chain software” could use some updating. Most of the platforms are deployed “empty” and require the client to populate them with their own data, or “bring their own data.” The UIs can be outdated and still have to be juggled with manual and offline workflows. So startups working in this space are now attracting some timely attention.

Thus, Craft, the enterprise intelligence company, today announces it has closed a $10 million Series A financing round to build what it characterizes as a “supply chain intelligence platform.” With the new funding, Craft will expand its offices in San Francisco, London and Minsk, and grow remote teams across engineering, sales, marketing and operations in North America and Europe.

It competes with some large incumbents, such as Dun & Bradstreet, Bureau van Dijk and Thomson Reuters . These are traditional data providers focused primarily on providing financial data about public companies, rather than real-time data from data sources such as operating metrics, human capital and risk metrics.

The idea is to allow companies to monitor and optimize their supply chain and enterprise systems. The financing was led by High Alpha Capital, alongside Greycroft. Craft also has some high-flying angel investors, including Sam Palmisano, chairman of the Center for Global Enterprise and former CEO and chairman of IBM; Jim Moffatt, former CEO of Deloitte Consulting; Frederic Kerrest, executive vice chairman, COO and co-founder of Okta; and Uncork Capital, which previously led Craft’s seed financing. High Alpha partner Kristian Andersen is joining Craft’s board of directors.

The problem Craft is attacking is a lack of visibility into complex global supply chains. For obvious reasons, COVID-19 disrupted global supply chains, which tended to reveal a lot of risks, structural weaknesses across industries and a lack of intelligence about how it’s all holding together. Craft’s solution is a proprietary data platform, API and portal that integrates into existing enterprise workflows.

While many business intelligence products require clients to bring their own data, Craft’s data platform comes pre-deployed with data from thousands of financial and alternative sources, such as 300+ data points that are refreshed using both Machine Learning and human validation. Its open-to-the-web company profiles appear in 50 million search results, for instance.

Ilya Levtov, co-founder and CEO of Craft, said in a statement: “Today, we are focused on providing powerful tracking and visibility to enterprise supply chains, while our ultimate vision is to build the intelligence layer of the enterprise technology stack.”

Kristian Andersen, partner with High Alpha commented: “We have a deep conviction that supply chain management remains an underinvested and under-innovated category in enterprise software.”

In the first half of 2020, Craft claims its revenues have grown nearly threefold, with Fortune 100 companies, government and military agencies, and SMEs among its clients.


Editing makes me neurotic

StressI’m sure most people think authors are a calm and level-headed breed. Our bio and PR pictures depict us as well groomed and smiling, and we try to be witty and intellectual at dinner parties. Ours is one of the few professions where glasses and gray hair can actually improve our standing and charisma.

It’s all true (not), but you should sit with me when I’m editing or polishing, like I have been this past week. It’s true that I rarely need haircuts as the final draft takes shape – I’m too busy tearing out my hair. My expense sheets tend to fill up with purchases of coffee and whisky. There is a very good reason why authors have had a reputation of being manics or drunks, or just plain neurotic.

Editing is a love-hate relationship with my book. I’ve already lived with it for over a year and the honeymoon period is over. As I work my way through the manuscript, page by page, line by line, I suffer radical mood swings from “this scene totally rocks, this is NYT bestseller material”, to “what a pile of ****, I’m a terrible writer.” As the saying goes: Feel the fear and do it anyway, right?

Some of the things rattling around my head include: Plot arcs: Is this tense and dramatic enough, does it flow properly, is it exciting and believable? Characters: Will the reader fall in love with them, hate the bad guys, laugh with them, cry with them, dream about them? Structure: Are my paragraphs of varying length, am I overusing adjectives, or adverbs, are all my sentences “he did this, he did that”? Word choice: Should he scowl or frown, chuckle or giggle, is it a chill wind or an icy wind? And my own pet bugbear: Does she look, see, gaze, study, glance, peer, gawk, goggle… or a hundred other words that just mean “she saw something, dammit”?

You might not think that every word matters but it does. So does sentence length, and knowing when to interject a feeling, knowing when not to state the obvious because the reader will get it, when to foreshadow, when to trick the reader, when to layer in backstory… The irony of writing is that if an author does pay attention to all these things, the reader will never know because they will be swept along by the story without the mechanics of the written word getting in the way. Next time you are yanked out of a book because of how a sentence was worded, stop and think about it for a moment and you’ll probably understand what the writer missed. We’re human, mess up we sometimes do. (See what I did there?)

At the editing stage it is so hard to remain objective. I can agonize over a word choice or the form of a sentence only to come back ten minutes later and put it back the way it was. I’ve been known to kill masterful art because it is too verbose or intrusive at that point. On the flip side, I’ve added in horrible and clumsy explanations because I’ve convinced myself that the reader won’t understand without it. There comes a point at which I no longer trust what I’m doing – I’m fiddling with the manuscript because I’m afraid to let it go, let it fly the nest. This is where the beta readers and professional editor save my bacon by bringing fresh objectivity.

Thankfully, I’m a harsher critic of myself than others are. I’ll beat myself up mercilessly, but if my editor or readers give me constructive criticism I will hang on their every word and happily consider their changes. I’m quite harmless in that regard. I might be neurotic but I’m not an axe-murderer, so sleep well at night.

So if you ever consider me neurotic and overly-sensitive, with a tendency to flip-flop and waffle, then you know you’ve caught me editing and polishing. Just smile, back away, and when you turn the corner, run like hell.

Oh, did I say how much I love writing? Yes, even editing. Love-hate, remember?


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