Jul
17
2019
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Dust Identity secures $10M Series A to identify objects with diamond dust

The idea behind Dust Identity was originally born in an MIT lab where the founders developed the base technology for uniquely identifying objects using diamond dust. Since then, the startup has been working to create a commercial application for the advanced technology, and today it announced a $10 million Series A round led by Kleiner Perkins, which also led its $2.3 million seed round last year.

Airbus Ventures and Lockheed Martin Ventures, New Science Ventures, Angular Ventures and Castle Island Ventures also participated in the round. Today’s investment brings the total raised to $12.3 million.

The company has an unusual idea of applying a thin layer of diamond dust to an object with the goal of proving that that object has not been tampered with. While using diamond dust may sound expensive, the company told TechCrunch last year at the time of its seed round funding that it uses low-cost industrial diamond waste, rather than the expensive variety you find in jewelry stores.

As CEO and co-founder Ophir Gaathon told TechCrunch last year, “Once the diamonds fall on the surface of a polymer epoxy, and that polymer cures, the diamonds are fixed in their position, fixed in their orientation, and it’s actually the orientation of those diamonds that we developed a technology that allows us to read those angles very quickly.”

Ilya Fushman, who is leading the investment for Kleiner, says the company is offering a unique approach to identity and security for objects. “At a time when there is a growing trust gap between manufacturers and suppliers, Dust Identity’s diamond particle tag provides a better solution for product authentication and supply chain security than existing technologies,” he said in a statement.

The presence of strategic investors Airbus and Lockheed Martin shows that big industrial companies see a need for advanced technology like this in the supply chain. It’s worth noting that the company partnered with enterprise computing giant SAP last year to provide a blockchain interface for physical objects, where they store the Dust Identity identifier on the blockchain. Although the startup has a relationship with SAP, it remains blockchain agnostic, according to a company spokesperson.

While it’s still early days for the company, it has attracted attention from a broad range of investors and intends to use the funding to continue building and expanding the product in the coming year. To this point, it has implemented pilot programs and early deployments across a range of industries, including automotive, luxury goods, cosmetics and oil, gas and utilities.

Jul
17
2019
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Stonly lets you create interactive step-by-step guides to improve support

French startup Stonly wants to empower users so that they can solve their issues by themselves. Instead of relying on customer support agents, Stonly wants to surface relevant content so that you can understand and solve issues.

“I’m trying to take the opposite stance of chatbots,” founder and CEO Alexis Fogel told me. “The issue [with chatbots] is that technology is not good enough and you often end up searching through the help center.”

If you’re in charge of support for a big enough service, chances are your customers often face the same issues. Many companies have built help centers with lengthy articles. But most customers won’t scroll through those pages when they face an issue.

That’s why Stonly thinks you need to make this experience more interactive. The service lets you create scripted guides with multiple questions to make this process less intimidating. Some big companies have built question-based help centers, but Stonly wants to give tools to small companies so they can build their own scenarios.

A Stonly module is basically a widget you can embed on any page or blog. It works like a deck of slides with buttons to jump to the relevant slide. Companies can create guides in the back end without writing a single line of code. You can add an image, a video and some code to each slide.

At any time, you can see a flowchart of your guide to check that everything works as expected. You can translate your guides in multiple languages, as well.

Once you’re done and the module is live, you can look back at your guides and see how you can improve them. Stonly lets you see if users spend more time on a step, close the tab and drop in the middle of the guide, test multiple versions of the same guide, etc.

But the startup goes one step further by integrating directly with popular support services, such as Zendesk and Intercom. For instance, if a user contacts customer support after checking a Stonly guide, you can see in Zendesk what they were looking at. Or you can integrate Stonly in your Intercom chat module.

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As expected, a service like Stonly can help you save on customer support. If users can solve their own issues, you need a smaller customer support team. But that’s not all.

“It’s not just about saving money, it’s also about improving engagement and support,” Fogel said.

Password manager company Dashlane is a good example of that. Fogel previously co-founded Dashlane before starting Stonly. And it’s one of Stonly’s first clients.

“Dashlane is a very addictive product, but the main issue is that you want to help people get started,” he said. It’s true that it can be hard to grasp how you’re supposed to use a password manager if you’ve never used one in the past. So the onboarding experience is key with this kind of product.

Stonly is free if you want to play with the product and build public guides. But if you want to create private guides and access advanced features, the company has a Pro plan ($30 per month) and a Team plan (starting at $100 per month with bigger bills as you add more people to your team and use the product more extensively).

The company has tested its product with a handful of clients, such as Dashlane, Devialet, Happn and Malt. The startup has raised an undisclosed seed round from Eduardo Ronzano, Thibaud Elzière, Nicolas Steegmann, Renaud Visage and PeopleDoc co-founders. And Stonly is currently part of the Zendesk incubator at Station F.

Jul
17
2019
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AlphaSense, a search engine for analysis and business intel, raises $50M led by Innovation Endeavors

Google and its flagship search portal opened the door to the possibilities of how to build a business empire on the back of organising and navigating the world’s information, as found on the internet. Now, a startup that’s built a search engine tailored to the needs of enterprises and their own quests for information has raised a round of funding to see if it can do the same for the B2B world.

AlphaSense, which provides a way for companies to quickly amass market intelligence around specific trends, industries and more to help them make business decisions, has closed a $50 million round of funding, a Series B that it’s planning to use to continue enhancing its product and expanding to more verticals.

The company counts some 1,000 clients on its books, with a heavy emphasis on investment banks and related financial services companies. That’s in part because of how the company got its start: Finnish co-founder and CEO Jaakko (Jack) Kokko had been an analyst at Morgan Stanley in a past life and understood the labor and time pain points of doing market research, and decided to build a platform to help shorten a good part of the information-gathering process.

“My experience as an analyst on Wall Street showed me just how fragmented information really was,” he said in an interview, citing as one example how complex sites like those of the FDA are not easy to navigate to look for new information and updates — the kind of thing that a computer would be much more adept at monitoring and flagging. “Even with the best tools and services, it still was really hard to manually get the work done, in part because of market volatility and the many factors that cause it. We can now do that with orders of magnitude more efficiency. Firms can now gather information in minutes that would have taken an hour. AlphaSense does the work of the best single analyst, or even a team of them.”

(Indeed, the “alpha” of AlphaSense appears to be a reference to finance: it’s a term that refers to the ability of a trader or portfolio manager to beat the typical market return.)

The lead investor in this round is very notable and says something about the company’s ambitions. It’s Innovation Endeavors, the VC firm backed by Eric Schmidt, who had been the CEO of none other than Google (the pace-setter and pioneer of the search-as-business model) for a decade, and then stayed on as chairman and ultimately board member of Google and then Alphabet (its later holding company) until just last June.

Schmidt presided over Google at what you could argue was its most important time, gaining speed and scale and transitioning from an academic idea into a full-fledged, huge public business whose flagship product has now entered the lexicon as a verb and (through search and other services like Android and YouTube) is a mainstay of how the vast majority of the world uses the web today. As such, he is good at spotting opportunities and gaps in the market, and while enterprise-based needs will never be as prominent as those of mass-market consumers, they can be just as lucrative.

“Information is the currency of business today, but data is overwhelming and fragmented, making it difficult for business professionals to find the right insights to drive key business decisions,” he said in a statement. “We were impressed by the way AlphaSense solves this with its AI and search technology, allowing businesses to proceed with the confidence that they have the right information driving their strategy.”

This brings the total raised by AlphaSense to $90 million, with other investors in this round including Soros Fund Management LLC and other unnamed existing investors. Previous backers had included Tom Glocer (the former Reuters CEO who himself is working on his own fintech startup, a security firm called BlueVoyant), the MassChallenge incubator, Tribeca Venture Partners and others. Kokko said AlphaSense is not disclosing its valuation at this point. (I’m guessing though that it’s definitely on the up.)

There have been others that have worked to try to tackle the idea of providing more targeted, and business-focused, search portals, from the likes of Wolfram Alpha (another alpha!) through to Lexis Nexis and others like Bloomberg’s terminals, FactSet, Business Quant and many more.

One interesting aspect of AlphaSense is how it’s both focused on pulling in requests as well as set up to push information to its users based on previous search parameters. Currently these are set up to only provide information, but over time, there is a clear opportunity to build services to let the engines take on some of the actions based on that information, such as adjusting asking prices for sales and other transactions.

“There are all kinds of things we could do,” said Kokko. “This is a massive untapped opportunity. But we’re not taking the human out of the loop, ever. Humans are the right ones to be making final decisions, and we’re just about helping them make those faster.”

Jul
17
2019
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ContractPodAi scores $55M for its ‘AI-powered’ contract management software

ContractPodAi, a London-based startup that has developed what it describes as AI-powered contract lifecycle management software, is disclosing $55 million in Series B funding. The round is led by U.S.-based Insight Partners, with participation from earlier backer Eagle Investment.

Founded in 2012, ContractPodAi offers an “end-to-end” solution spanning the three main aspects of contract management: contract generation, contract repository and third-party review. Its AI offering, which uses IBM’s Watson, claims to streamline the contract management process and reduce the burden on corporate in-house legal teams.

“The legal profession has been historically behind the curve in technology adoption and our objective here is to support to digital transformation of legal departments via our contract management platform,” ContractPodAi co-founder and CEO Sarvarth Misra tells TechCrunch.

“Our business focuses on providing in-house counsel of corporations across the world with an easy to use, out of the box and scalable end to end contract management platform at a fixed fee SaaS licence model.”

With regards to ContractPodAi’s target customer, Misra says its solution is industry agnostic but is typically sold to large international businesses, including FTSE 500 and Fortune 2000 corporations. Customers include Bosch Siemens, Braskem, EDF Energy, Total Petroleum, Benjamin Moore and Freeview.

Armed with new capital, ContractPodAi says it plans to “significantly” scale up its product development, sales and customer success teams globally. The company already has offices in San Francisco, New York, Glasgow and Mumbai, in addition to its London HQ.

Adds Misra: “We believe the market for contract management solutions is fragmented with providers focusing one or two aspects of contract management functionality. ContractPodAi’s objective has been to provide one contract management ecosystem which covers all aspects of contract management functionality… This, along with our fixed, transparent pricing and ability to provide full implementation as part of the annual SaaS, differentiates us the from the rest of the providers.”

Jul
11
2019
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Attend TC Sessions: Enterprise and score a free pass to Disrupt SF 2019

We can’t wait to dig into the competitive, high-stakes world of enterprise software at TC Sessions: Enterprise 2019 on September 5 at the Yerba Buena Center for the Arts in San Francisco. We’re channeling the excitement into creating extra ROI for you. How’s that work? Read on.

It starts with the $100 you’ll save when you buy your early-bird ticket. Here comes the extra part. For every ticket you buy to TC Sessions: Enterprise, we’ll register you for a free Expo-only pass to TechCrunch Disrupt SF 2019. Who doesn’t like free?

We expect more than 1,000 attendees — including some of the top minds, makers and investors in enterprise software — for a day-long intensive event focused on the promises and challenges of this massive $500 billion market. You can expect onstage interviews, exhibiting startups, breakout sessions, receptions and more. TechCrunch editors Frederic Lardinois, Ron Miller and Connie Loizos will interview founders from both established and emerging companies about crucial topics, like intelligent marketing automation, AI and the inevitability of the cloud.

Case in point. You can’t talk about enterprise software or its shift to the cloud without talking about the Kubernetes container management system. That’s why we’re thrilled to have the opportunity to sit down with Aparna Sinha, Google’s director of product management for Kubernetes; Tim Hockin, who currently works on Kubernetes and the Google Container Engine; Kubernetes co-founder Craig McLuckie; and Microsoft’s Brendan Burns — the lead engineer for Kubernetes during his time at Google.

These four heavy hitters will discuss the history of Kubernetes, why Google went open source with it and the five-year-old project’s rapid growth. It promises to be a fascinating look at the past, present and future of containers in the enterprise.

That’s just one presentation in a jam-packed day dedicated to all things enterprise. Check out the speakers we have on tap so far. And by all means, if there’s someone you want to hear on the stage, send us your speaker submissions.

TC Sessions Enterprise 2019 takes place September 5. Early-bird tickets cost $249, and student tickets sell for $75. Buy 4+ tickets to get the group rate and save another 20%. And remember, you’ll receive a free Expo-only pass to Disrupt SF 2019 with every TC Sessions: Enterprise ticket.

Get your early-bird tickets now, and we’ll see you in September!

Interested in sponsoring TC Sessions: Enterprise? Fill out this form and a member of our sales team will contact you.

Jul
11
2019
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Andrew Ng to talk about how AI will transform business at TC Sessions: Enterprise

When it comes to applying AI to the world around us, Andrew Ng has few if any peers. We are delighted to announce that the renowned founder, investor, AI expert and Stanford professor will join us onstage at the TechCrunch Sessions: Enterprise show on September 5 at the Yerba Buena Center in San Francisco. 

AI promises to transform the $500 billion enterprise world like nothing since the cloud and SaaS. Hundreds of startups are already seizing the AI moment in areas like recruiting, marketing and communications and customer experience. The oceans of data required to power AI are becoming dramatically more valuable, which in turn is fueling the rise of new data platforms, another big topic of the show

Last year, Ng launched the $175 million AI Fund, backed by big names like Sequoia, NEA, Greylock and SoftBank. The fund’s goal is to develop new AI businesses in a studio model and spin them out when they are ready for prime time. The first of that fund’s cohort is Landing AI, which also launched last year and aims to “empower companies to jumpstart AI and realize practical value.” It’s a wave businesses will want to catch if Ng is anywhere near right in his conviction that AI will generate $13 trillion in GDP growth globally in the next 20 years. You heard that right. 

At TC Sessions: Enterprise, TechCrunch’s editors will ask Ng to detail how he believes AI will unfold in the enterprise world and bring big productivity gains to business. 

As the former chief scientist at Baidu and the founding lead of Google Brain, Ng led the AI transformation of two of the world’s leading technology companies. Dr. Ng is the co-founder of Coursera, an online learning platform, and founder of deeplearning.ai, an AI education platform. Dr. Ng is also an adjunct professor at Stanford University’s Computer Science Department and holds degrees from Carnegie Mellon University, MIT and the University of California, Berkeley.

Early Bird tickets to see Andrew at TC Sessions: Enterprise are on sale for just $249 when you book here; but hurry, prices go up by $100 soon! Students, grab your discounted tickets for just $75 here.


Jul
11
2019
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Swit, a collaboration suite that offers ‘freedom from integrations,’ raises $6 million in seed funding

A marketplace dominated by Slack and Microsoft Teams, along with a host of other smaller workplace communication apps, might seem to leave little room for a new entrant, but Swit wants to prove that wrong. The app combines messaging with a roster of productivity tools, like task management, calendars and Gantt charts, to give teams “freedom from integrations.” Originally founded in Seoul and now based in the San Francisco Bay Area, Swit announced today that it has raised a $6 million seed round led by Korea Investment Partners, with participation from Hyundai Venture Investment Corporation and Mirae Asset Venture Investment.

Along with an investment from Kakao Ventures last year, this brings Swit’s total seed funding to about $7 million. Swit’s desktop and mobile apps were released in March and since then more than 450 companies have adopted it, with 40,000 individual registered users. The startup was launched last year by CEO Josh Lee and Max Lim, who previously co-founded auction.co.kr, a Korean e-commerce site acquired by eBay in 2001.

While Slack, which recently went public, has become so synonymous with the space that “Slack me” is now part of workplace parlance at many companies, Lee says Swit isn’t playing catch-up. Instead, he believes Swit benefits from “last mover advantage,” solving the shortfalls of other workplace messaging, collaboration and productivity apps by integrating many of their functions into one hub.

“We know the market is heavily saturated with great unicorns, but many companies need multiple collaboration apps and there is nothing that seamlessly combines them, so users don’t have to go back and forth between two platforms,” Lee tells TechCrunch. Many employees rely on Slack or Microsoft Teams to chat with one another, on top of several project management apps, like Asana, Jira, Monday and Confluence, and email to communicate with people at other companies (Lee points to a M.io report that found most businesses use at least two messaging apps and four to seven collaboration tools).

Lee says he used Slack for more than five years and during that time, his teammates added integrations from Asana, Monday, GSuite and Office365, but were unsatisfied with how they worked.

“All we could do with the integrations was receive mostly text-based notifications and there were also too many overlapping features,” he says. “We realized that working with multiple environments reduced team productivity and increased communication overhead.” In very large organizations, teams or departments sometimes use different messaging and collaboration apps, creating yet more friction.

Swit’s goal is to cover all those needs in one app. It comes with integrated Kanban task management, calendars and Gantt charts, and at the end of this year about 20 to 30 bots and apps will be available in its marketplace. Swit’s pricing tier currently has free and standard tiers, with a premium tier for enterprise customers planned for fall. The premium version will have full integration with Office365 and GSuite, allowing users to drag-and-drop emails into panels or convert them into trackable tasks.

While being a late-mover gives Swit certain advantages, it also means it must convince users to switch from their current apps, which is always a challenge when it comes to attracting enterprise clients. But Lee is optimistic. After seeing a demo, he says 91% of potential users registered on Swit, with more than 75% continuing to use it every day. Many of them used Asana or Monday before, but switched to Swit because they wanted to more easily communicate with teammates while planning tasks. Some are also gradually transitioning over from Slack to Swit for all their messaging (Swit recently released a Slack migration tool that enables teams to move over channels, workspaces and attachments. Migration tools for Asana, Trello and Jira are also planned).

In addition to “freedom from integrations,” Lee says Swit’s competitive advantages include being developed from the start for small businesses as well as large enterprises that still frequently rely on email to communicate across different departments or locations. Another differentiator is that all of Swit’s functions work on both desktop and mobile, which not all integrations in other collaboration apps can.

“That means if people integrate multiple apps into a desktop app or web browser, they might not be able to use them on mobile. So if they are looking for data, they have to search app by app, channel by channel, product by product, so data and information is scattered everywhere, hair on fire,” Lee says. “We provide one centralized command center for team collaboration without losing context and that is one of our biggest sources of customer satisfaction.”

Jul
11
2019
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OneTrust raises $200M at a $1.3B valuation to help organizations navigate online privacy rules

GDPR, and the newer California Consumer Privacy Act, have given a legal bite to ongoing developments in online privacy and data protection: it’s always good practice for companies with an online presence to take measures to safeguard people’s data, but now failing to do so can land them in some serious hot water.

Now — to underscore the urgency and demand in the market — one of the bigger companies helping organizations navigate those rules is announcing a huge round of funding. OneTrust, which builds tools to help companies navigate data protection and privacy policies both internally and with its customers, has raised $200 million in a Series A led by Insight that values the company at $1.3 billion.

It’s an outsized round for a Series A, being made at an equally outsized valuation — especially considering that the company is only three years old — but that’s because of the wide-ranging nature of the issue, according to CEO Kabir Barday, and OneTrust’s early moves and subsequent pole position in tackling it.

“We’re talking about an operational overhaul in a company’s practices,” Barday said in an interview. “That requires the right technology and reach to be able to deliver that at a low cost.” Notably, he said that OneTrust wasn’t actually in search of funding — it’s already generating revenue and could have grown off its own balance sheet — although he noted that having the capitalization and backing sends a signal to the market and in particular to larger organizations of its stability and staying power.

Currently, OneTrust has around 3,000 customers across 100 countries (and 1,000 employees), and the plan will be to continue to expand its reach geographically and to more businesses. Funding will also go toward the company’s technology: it already has 50 patents filed and another 50 applications in progress, securing its own IP in the area of privacy protection.

OneTrust offers technology and services covering three different aspects of data protection and privacy management.

Its Privacy Management Software helps an organization manage how it collects data, and it generates compliance reports in line with how a site is working relative to different jurisdictions. Then there is the famous (or infamous) service that lets internet users set their preferences for how they want their data to be handled on different sites. The third is a larger database and risk management platform that assesses how various third-party services (for example advertising providers) work on a site and where they might pose data protection risks.

These are all provided either as a cloud-based software as a service, or an on-premises solution, depending on the customer in question.

The startup also has an interesting backstory that sheds some light on how it was founded and how it identified the gap in the market relatively early.

Alan Dabbiere, who is the co-chairman of OneTrust, had been the chairman of Airwatch — the mobile device management company acquired by VMware in 2014 (Airwatch’s CEO and founder, John Marshall, is OneTrust’s other co-chairman). In an interview, he told me that it was when they were at Airwatch — where Barday had worked across consulting, integration, engineering and product management — that they began to see just how a smartphone “could be a quagmire of privacy issues.”

“We could capture apps that an employee was using so that we could show them to IT to mitigate security risks,” he said, “but that actually presented a big privacy issue. If [the employee] has dyslexia [and uses a special app for it] or if the employee used a dating app, you’ve now shown things to IT that you shouldn’t have.”

He admitted that in the first version of the software, “we weren’t even thinking about whether that was inappropriate, but then we quickly realised that we needed to be thinking about privacy.”

Dabbiere said that it was Barday who first brought that sensibility to light, and “that is something that we have evolved from.” After that, and after the VMware sale, it seemed a no-brainer that he and Marshall would come on to help the new startup grow.

Airwatch made a relatively quick exit, I pointed out. His response: the plan is to stay the course at OneTrust, with a lot more room for expansion in this market. He describes the issues of data protection and privacy as “death by 1,000 cuts.” I guess when you think about it from an enterprising point of view, that essentially presents 1,000 business opportunities.

Indeed, there is obvious growth potential to expand not just its funnel of customers, but to add more services, such as proactive detection of malware that might leak customers’ data (which calls to mind the recently fined breach at British Airways), as well as tools to help stop that once identified.

While there are a million other companies also looking to fix those problems today, what’s interesting is the point from which OneTrust is starting: by providing tools to organizations simply to help them operate in the current regulatory climate as good citizens of the online world.

This is what caught Insight’s eye with this investment.

“OneTrust has truly established themselves as leaders in this space in a very short time frame, and are quickly becoming for privacy professionals what Salesforce became for salespeople,” said Richard Wells of Insight. “They offer such a vast range of modules and tools to help customers keep their businesses compliant with varying regulatory laws, and the tailwinds around GDPR and the upcoming CCPA make this an opportune time for growth. Their leadership team is unparalleled in their ambition and has proven their ability to convert those ambitions into reality.”

Wells added that while this is a big round for a Series A it’s because it is something of an outlier — not a mark of how Series A rounds will go soon.

“Investors will always be interested in and keen to partner with companies that are providing real solutions, are already established and are led by a strong group of entrepreneurs,” he said in an interview. “This is a company that has the expertise to help solve for what could be one of the greatest challenges of the next decade. That’s the company investors want to partner with and grow, regardless of fund timing.”

Jul
11
2019
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Signavio raises $177M at a $400M valuation for its business process automation solutions

Robotic Process Automation has been the name of the game in enterprise software lately — with organizations using advances in machine learning algorithms and other kinds of AI alongside big-data analytics to speed up everything from performing mundane tasks to more complex business decisions.

To underscore the opportunity and growth in the market, today a startup in the wider segment of process automation is announcing a significant fundraise. Signavio, a company founded out of Berlin that provides tools for business process management — “providing the ‘P’ in RPA,” as the company describes it — has picked up an investment of $177 million at what we understand is a valuation of $400 million.

This round is large on its own, but even more so considering that before this the company — founded in 2009 — had only raised around $50 million, according to data from PitchBook. This latest capital injection is being led by Apax Digital (the growth equity team of Apax Partners), with DTCP. It notes that existing investor Summit Partners is also keeping a stake in the business with this deal.

The company was founded by a team of alums from the Hasso Plattner Institute in Potsdam, Germany, who used research they did there for creating the world’s first web modeler for business process management and analytics as the template for Signavio’s own Process Manager. (The name “Signavio” seems to be a portmanteau of “navigating through signals,” which essentially explains the basics of what BPM aims to do to help a business with its decision making.)

Partly because it’s raised so little money, Signavio has been somewhat under the radar, but it has seen a huge amount of growth. It says that revenues in the last 12 months have grown by more than 70%, and its software is used by more than one million users across 1,300 customers — with clients including SAP, DHL, Liberty Mutual, Deloitte, Comcast and Puma. It counts Silicon Valley as its second HQ these days; that trajectory will be followed further with this latest funding: Signavio says the funding in part will be going to international expansion of the business.

“10 years ago, we set out on a journey to tackle the time-consuming practices that limit business productivity,” said Dr. Gero Decker, CEO and co-founder of Signavio, in a statement. “This significant new investment further validates our approach to solve business problems faster and more efficiently, unleashing the power of process through our unique Business Transformation Suite. We are thrilled to welcome Apax Digital as our new lead partner, and look forward to building upon our success to date by leveraging our partners’ operating capabilities and global platforms for our international expansion.”

The other area of investment will be the company’s technology suite. While BPM has been around for years as a concept — and indeed there are a number of other companies that provide tools that are compared sometimes to Signavio’s, such as from biggies like IBM and Microsoft through to Kissflow and others — what’s interesting is how it’s had a surge of interest more recently as organizations increasingly start to add more automation into their IT infrastructure, in part to reduce the human labor needed for more mundane back-office tasks, and in part to reduce costs and speed up processes.

Robotic process automation companies like UiPath and Blue Prism bring some of the same processing tools to the table as Signavio, although the argument is that the latter — which says it helps to “mine, model, monitor, manage and maintain” customers’ data — provides a more sophisticated level of data crunching that can be used for RPA, or for other ends. (It also works with several of the big RPA players, mainly Blue Prism but also UiPath and Automation Anywhere.)

“As businesses have become more global, and workforces more distributed, business processes have proliferated, and become more complex,” noted Daniel O’Keefe, managing partner, and Mark Beith, managing director, of Apax Digital, in a joint statement. “Signavio’s cloud-native suite allows employees across an enterprise to collaborate and transform their businesses by digitizing, optimizing and ultimately automating their processes. We are tremendously excited to partner with the Signavio team and to support their vision.” The two will also be joining Signavio’s board with this round.

Jul
10
2019
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Anvyl, looking to help D2C brands manage their supply chain, raises $9.3M

Growing D2C brands face an interesting challenge. While they’ve eliminated much of the hassle of a physical storefront, they must still deal with all the complications involved in managing inventory and manufacturing and shipping a physical product to suppliers.

Anvyl, with a fresh $9.3 million in Series A funding, is looking to jump in and make a difference for those brands. The company, co-founded by chief executive Rodney Manzo, is today announcing the raise, led by Redpoint Ventures, with participation from existing investors First Round Capital and Company Ventures. Angel investors Kevin Ryan (MongoDB and DoubleClick), Ben Kaufman (Quirky and Camp) and Dan Rose (Facebook) also participated in the round.

Manzo hails from Apple, where with $300 million in spend to manage logistics and supply chain he was still operating in an Excel spreadsheet. He then went to Harry’s, where he shaved $10 million in cash burn in his first month. He says himself that sourcing, procurement and logistics are in his DNA.

Which brings us to Anvyl. Anvyl looks at every step in the logistics process, from manufacture to arrival at the supplier, and visualizes that migration in an easy-to-understand UI.

The difference between Anvyl and other supply chain logistics companies, such as Flexport, is that Anvyl goes all the way to the very beginning of the supply chain: the factories. The company partners with factories to set up cameras and sensors that let brands see their product actually being built.

“When I was at Apple, I traveled for two years at least once a month to China and Japan just to oversee production,” said Manzo. “To oversee production, you essentially have to be boots on the ground and eyes in the factory. None of our brands have traveled to a factory.”

On the other end of the supply chain, Anvyl lets brands manage suppliers, find new suppliers, submit RFQs, see cost breakdowns and accept quotes.

The company also looks at each step in between, including trucks, trains, boats and planes so that brands can see, in real time, their products go from being manufactured to delivery.

Anvyl charges brands a monthly fee using a typical SaaS model. On the other end, Anvyl takes a “tiny percentage” of goods being produced within the Anvyl marketplace. The company declined to share actual numbers around pricing.

This latest round brings Anvyl’s total funding to $11.8 million. The company plans to use the funding toward hiring in engineering and marketing, and grow its consumer goods customer base.

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